ProKidney (NASDAQ:PROK) Sees Unusually-High Trading Volume – What’s Next?

ProKidney Corp. (NASDAQ:PROK) saw strong trading volume on Tuesday . 1,408,464 shares traded hands during trading, an increase of 45% from the previous session’s volume of 969,673 shares.The stock last traded at $2.1650 and had previously closed at $1.89.

Analysts Set New Price Targets

Several brokerages recently issued reports on PROK. Wall Street Zen downgraded shares of ProKidney from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Jefferies Financial Group raised ProKidney to a “strong-buy” rating in a research report on Wednesday, March 18th. HC Wainwright reiterated a “buy” rating and set a $12.00 target price on shares of ProKidney in a research report on Monday, May 18th. Finally, Weiss Ratings downgraded shares of ProKidney from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

ProKidney Stock Up 9.8%

The company has a market capitalization of $626.77 million, a price-to-earnings ratio of -3.92 and a beta of 1.65. The company has a 50 day simple moving average of $1.81 and a 200 day simple moving average of $2.02.

ProKidney (NASDAQ:PROK) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The firm had revenue of $0.23 million during the quarter, compared to analyst estimates of $0.10 million. On average, research analysts forecast that ProKidney Corp. will post -0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On ProKidney

Several large investors have recently made changes to their positions in PROK. Millennium Management LLC purchased a new position in shares of ProKidney in the 3rd quarter valued at $4,734,000. Artia Global Partners LP acquired a new stake in ProKidney in the 4th quarter valued at $4,118,000. JPMorgan Chase & Co. increased its holdings in 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 in the last quarter. Hennion & Walsh Asset Management Inc. raised its position in ProKidney by 63.5% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 1,503,886 shares of the company’s stock valued at $3,369,000 after purchasing an additional 583,983 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of ProKidney by 39.6% during the first quarter. Renaissance Technologies LLC now owns 1,250,794 shares of the company’s stock worth $2,239,000 after purchasing an additional 355,089 shares in the last quarter. Institutional investors and hedge funds own 51.59% of the company’s stock.

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.