ProKidney (NASDAQ:PROK) Shares Down 7.6% – What’s Next?

Shares of ProKidney Corp. (NASDAQ:PROK) were down 7.6% during mid-day trading on Monday . The company traded as low as $1.7750 and last traded at $1.7650. Approximately 653,636 shares traded hands during trading, a decline of 40% from the average daily volume of 1,084,180 shares. The stock had previously closed at $1.91.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised ProKidney from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.00.

ProKidney Trading Up 3.1%

The business’s fifty day moving average price is $1.67 and its 200-day moving average price is $1.81. The company has a market capitalization of $553.25 million, a P/E ratio of -3.33 and a beta of 1.70.

ProKidney (NASDAQ:PROK) last released its earnings results on Monday, August 10th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The company had revenue of $0.15 million during the quarter, compared to the consensus estimate of $0.19 million. As a group, equities research analysts forecast that ProKidney Corp. will post -0.51 EPS for the current year.

Insiders Place Their Bets

In other news, Director Brian Pereira sold 222,948 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $1.42, for a total transaction of $316,586.16. Following the completion of the sale, the director owned 54,103 shares of the company’s stock, valued at approximately $76,826.26. This represents a 80.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 757,164 shares of company stock valued at $1,067,315 in the last ninety days. Insiders own 39.83% of the company’s stock.

Hedge Funds Weigh In On ProKidney

Several hedge funds have recently made changes to their positions in PROK. AXQ Capital LP bought a new position in ProKidney in the second quarter worth $76,000. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of ProKidney by 14.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,847,749 shares of the company’s stock valued at $3,769,000 after buying an additional 236,056 shares in the last quarter. FNY Investment Advisers LLC grew its position in shares of ProKidney by 2,000.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 21,000 shares of the company’s stock worth $42,000 after buying an additional 20,000 shares during the period. Bank of America Corp DE grew its position in shares of ProKidney by 6.7% in the 1st quarter. Bank of America Corp DE now owns 753,412 shares of the company’s stock worth $1,349,000 after buying an additional 47,268 shares during the period. Finally, Amundi increased its stake in shares of ProKidney by 7.2% in the 1st quarter. Amundi now owns 291,708 shares of the company’s stock worth $522,000 after acquiring an additional 19,466 shares in the last quarter. 51.59% of the stock is owned by hedge funds and other institutional investors.

About ProKidney

ProKidney Corporation (NASDAQ: PROK) is a biotechnology company focused on developing cell therapies for chronic kidney disease (CKD). Its lead investigational product, rilparencel, is an autologous cell therapy designed to use a patient’s own kidney cells to support kidney function and potentially delay or reduce the need for dialysis or kidney transplantation.

Rilparencel, formerly known as REACT, is being evaluated as a minimally invasive treatment intended for patients with advanced CKD.