ProKidney (NASDAQ:PROK) Stock Price Up 6% – Here’s What Happened

Shares of ProKidney Corp. (NASDAQ:PROK) were up 6% on Wednesday . The stock traded as high as $1.84 and last traded at $1.8450. 299,469 shares were traded during trading, a decline of 71% from the average session volume of 1,031,457 shares. The stock had previously closed at $1.74.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded ProKidney from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.00.

ProKidney Price Performance

The stock’s 50-day moving average price is $1.66 and its 200 day moving average price is $1.82. The firm has a market cap of $544.18 million, a P/E ratio of -3.27 and a beta of 1.70.

ProKidney (NASDAQ:PROK) last released its earnings results on Monday, August 10th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The company had revenue of $0.15 million for the quarter, compared to analyst estimates of $0.19 million. As a group, analysts forecast that ProKidney Corp. will post -0.51 EPS for the current fiscal year.

Insider Activity at ProKidney

In other news, Director Brian Pereira sold 229,338 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $1.37, for a total value of $314,193.06. Following the completion of the transaction, the director owned 445,897 shares in the company, valued at $610,878.89. This trade represents a 33.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 757,164 shares of company stock worth $1,067,315. Corporate insiders own 39.83% of the company’s stock.

Institutional Trading of ProKidney

A number of hedge funds and other institutional investors have recently modified their holdings of PROK. R Squared Ltd bought a new position in shares of ProKidney in the 1st quarter valued at about $25,000. SummitTX Capital L.P. bought a new stake in shares of ProKidney in the 1st quarter valued at about $26,000. Amundi raised its holdings in shares of ProKidney by 7.2% in the 1st quarter. Amundi now owns 291,708 shares of the company’s stock valued at $522,000 after purchasing an additional 19,466 shares during the period. FNY Investment Advisers LLC raised its holdings in shares of ProKidney by 2,000.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 21,000 shares of the company’s stock valued at $42,000 after purchasing an additional 20,000 shares during the period. Finally, AXQ Capital LP acquired a new stake in ProKidney in the 2nd quarter valued at about $76,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

About ProKidney

ProKidney Corporation (NASDAQ: PROK) is a biotechnology company focused on developing cell therapies for chronic kidney disease (CKD). Its lead investigational product, rilparencel, is an autologous cell therapy designed to use a patient’s own kidney cells to support kidney function and potentially delay or reduce the need for dialysis or kidney transplantation.

Rilparencel, formerly known as REACT, is being evaluated as a minimally invasive treatment intended for patients with advanced CKD.