ProKidney (NASDAQ:PROK) Trading Down 6.8% – What’s Next?

ProKidney Corp. (NASDAQ:PROK) dropped 6.8% during trading on Friday . The company traded as low as $2.37 and last traded at $2.3950. Approximately 690,601 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 4,477,947 shares. The stock had previously closed at $2.57.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of ProKidney in a research note on Wednesday, October 8th. Zacks Research downgraded shares of ProKidney from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $6.25.

ProKidney Trading Down 9.1%

The stock has a market capitalization of $702.45 million, a P/E ratio of -4.26 and a beta of 1.79. The business has a fifty day simple moving average of $2.72 and a 200 day simple moving average of $2.27.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). The business had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.04 million. As a group, research analysts forecast that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Buying and Selling at ProKidney

In related news, Director Brian Jg Pereira sold 502,136 shares of the business’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $2.37, for a total transaction of $1,190,062.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 41.49% of the company’s stock.

Institutional Investors Weigh In On ProKidney

Institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings in ProKidney by 8.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 825,647 shares of the company’s stock valued at $723,000 after buying an additional 65,860 shares during the last quarter. Deutsche Bank AG raised its position in shares of ProKidney by 49.4% in 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 in the last quarter. Nuveen LLC bought a new stake in shares of ProKidney during the 1st quarter valued at $233,000. AQR Capital Management LLC grew its holdings in ProKidney by 106.4% in the first quarter. AQR Capital Management LLC now owns 52,570 shares of the company’s stock worth $46,000 after purchasing an additional 27,098 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of ProKidney during the second quarter valued at approximately $208,000. Hedge funds and other institutional investors own 51.59% of the company’s stock.

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.