ProKidney (NASDAQ:PROK) Announces Quarterly Earnings Results

ProKidney (NASDAQ:PROK) issued its quarterly earnings results on Friday. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01), FiscalAI reports. The business had revenue of $0.23 million during the quarter, compared to the consensus estimate of $0.10 million.

ProKidney Trading Down 2.9%

Shares of ProKidney stock traded down $0.05 on Friday, hitting $1.66. The stock had a trading volume of 883,840 shares, compared to its average volume of 889,132. ProKidney has a 52-week low of $0.54 and a 52-week high of $7.13. The stock has a market cap of $501.19 million, a price-to-earnings ratio of -3.19 and a beta of 1.70. The company’s 50 day moving average price is $1.97 and its 200 day moving average price is $2.19.

Analyst Ratings Changes

Several research firms have recently issued reports on PROK. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProKidney in a research report on Tuesday, April 21st. Wall Street Zen raised ProKidney from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 18th. Finally, Jefferies Financial Group raised ProKidney to a “strong-buy” rating in a research report on Wednesday, March 18th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.40.

Institutional Trading of ProKidney

Several institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC purchased a new stake in shares of ProKidney in the 3rd quarter valued at about $4,734,000. JPMorgan Chase & Co. lifted its holdings in shares of ProKidney by 3,024.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company’s stock valued at $988,000 after purchasing an additional 1,615,243 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of ProKidney by 9.2% in the 4th quarter. Geode Capital Management LLC now owns 1,197,530 shares of the company’s stock valued at $2,684,000 after purchasing an additional 100,748 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of ProKidney by 578.6% in the 4th quarter. Renaissance Technologies LLC now owns 895,705 shares of the company’s stock valued at $2,006,000 after purchasing an additional 763,705 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of ProKidney by 12.4% in the 2nd quarter. Bank of America Corp DE now owns 846,154 shares of the company’s stock valued at $501,000 after purchasing an additional 93,322 shares during the last quarter. 51.59% of the stock is owned by hedge funds and other institutional investors.

About ProKidney

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.