ProKidney (NASDAQ:PROK) Trading 6.9% Higher – Time to Buy?

ProKidney Corp. (NASDAQ:PROK)’s share price shot up 6.9% during trading on Wednesday . The company traded as high as $2.41 and last traded at $2.4050. 297,575 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,098,627 shares. The stock had previously closed at $2.25.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PROK shares. HC Wainwright initiated coverage on ProKidney in a research report on Tuesday, December 16th. They issued a “buy” rating and a $12.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of ProKidney in a research note on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, ProKidney presently has an average rating of “Hold” and a consensus price target of $7.40.

ProKidney Trading Up 10.0%

The company has a 50-day simple moving average of $2.41 and a 200 day simple moving average of $2.53. The company has a market cap of $744.55 million, a P/E ratio of -4.49 and a beta of 1.79.

ProKidney (NASDAQ:PROK) last issued its earnings results on Monday, November 10th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.12). The company had revenue of $0.22 million for the quarter, compared to analysts’ expectations of $0.04 million. On average, equities analysts forecast that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Insider Activity at ProKidney

In other news, Director Brian Jg Pereira sold 502,136 shares of ProKidney stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $2.37, for a total transaction of $1,190,062.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 41.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Zullo Investment Group Inc. bought a new position in shares of ProKidney during the 3rd quarter worth $28,000. AQR Capital Management LLC raised its holdings in shares of ProKidney by 106.4% in the first 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 in the last quarter. Two Sigma Investments LP lifted its stake in ProKidney by 40.4% in the third quarter. Two Sigma Investments LP now owns 99,282 shares of the company’s stock worth $240,000 after acquiring an additional 28,583 shares during the period. UBS Group AG grew its holdings in ProKidney by 7.0% during the 3rd quarter. UBS Group AG now owns 508,353 shares of the company’s stock worth $1,230,000 after acquiring an additional 33,306 shares in the last quarter. Finally, Catalyst Funds Management Pty Ltd purchased a new position in ProKidney during the 2nd quarter valued at about $36,000. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

ProKidney Company Profile

ProKidney, Inc (NASDAQ: PROK) is a clinical-stage biotechnology company focused on developing cell-based therapies for kidney diseases. The company’s research and development activities center on harnessing human-derived proximal tubule cells to address conditions such as acute kidney injury (AKI) and chronic kidney disease (CKD). By targeting the underlying cellular mechanisms of renal injury and dysfunction, ProKidney aims to offer novel regenerative medicine approaches that go beyond current supportive care options.

ProKidney’s lead programs utilize proprietary methods for isolating and expanding renal epithelial cells to create injectable therapeutic products.