ProKidney (NASDAQ:PROK) Trading Down 14.4% – Should You Sell?

ProKidney Corp. (NASDAQ:PROK)’s stock price fell 14.4% on Thursday . The company traded as low as $2.31 and last traded at $2.2950. 2,049,594 shares were traded during trading, a decline of 56% from the average session volume of 4,701,384 shares. The stock had previously closed at $2.68.

Analysts Set New Price Targets

Several research analysts have commented on PROK shares. Weiss Ratings reissued a “sell (d-)” rating on shares of ProKidney in a report on Wednesday, October 8th. Zacks Research downgraded ProKidney from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $6.25.

ProKidney Price Performance

The stock’s fifty day moving average is $2.81 and its 200 day moving average is $2.13.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.04 million. On average, research analysts expect that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Brian Jg Pereira sold 502,136 shares of the stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $2.37, for a total value of $1,190,062.32. The sale was disclosed in a filing with the SEC, which is available at this link. 41.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProKidney

Several hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in ProKidney by 4.3% in the 1st quarter. Bank of New York Mellon Corp now owns 239,673 shares of the company’s stock worth $210,000 after purchasing an additional 9,903 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of ProKidney by 8.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 825,647 shares of the company’s stock worth $723,000 after buying an additional 65,860 shares during the period. Deutsche Bank AG lifted its stake in shares of ProKidney by 49.4% during the 1st quarter. Deutsche Bank AG now owns 86,337 shares of the company’s stock worth $76,000 after acquiring an additional 28,546 shares during the last quarter. Nuveen LLC bought a new stake in shares of ProKidney during the 1st quarter worth approximately $233,000. Finally, AQR Capital Management LLC boosted its holdings in ProKidney by 106.4% during the 1st quarter. AQR Capital Management LLC now owns 52,570 shares of the company’s stock valued at $46,000 after acquiring an additional 27,098 shares during the period. 51.59% of the stock is currently owned by institutional investors.

About ProKidney

ProKidney Corp., a clinical-stage biotechnology company, provides transformative proprietary cell therapy platform for treating various chronic kidney diseases in the United States. The company's lead product is Renal Autologous Cell Therapy (REACT), an autologous homologous cell admixture, which has completed Phase I clinical trial for REACT in patients with congenital anomalies of the Kidney and Urinary Tract (CAKUT), as well as in Phase III and Phase II clinical trials for the treatment of moderate to severe diabetic kidney disease.