ProKidney (NASDAQ:PROK) Stock Price Down 6.7% After Insider Selling

ProKidney Corp. (NASDAQ:PROK) dropped 6.7% on Friday following insider selling activity. The stock traded as low as $2.23 and last traded at $2.23. Approximately 167,106 shares changed hands during trading, a decline of 76% from the average daily volume of 709,264 shares. The stock had previously closed at $2.39.

Specifically, insider Darin J. Weber sold 16,412 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $2.50, for a total transaction of $41,030.00. Following the completion of the sale, the insider now owns 103,480 shares in the company, valued at $258,700. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

PROK has been the topic of several analyst reports. Jefferies Financial Group dropped their price target on shares of ProKidney from $15.00 to $6.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Guggenheim began coverage on ProKidney in a research report on Tuesday, September 10th. They set a “buy” rating and a $6.00 target price on the stock. Finally, Bank of America reduced their price target on ProKidney from $4.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th.

ProKidney Price Performance

The stock has a market capitalization of $564.19 million, a P/E ratio of -4.32 and a beta of 1.10. The stock’s fifty day moving average price is $2.28 and its 200 day moving average price is $2.38.

ProKidney (NASDAQ:PROK) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.01. On average, sell-side analysts expect that ProKidney Corp. will post -0.44 earnings per share for the current year.

Institutional Investors Weigh In On ProKidney

A number of institutional investors and hedge funds have recently modified their holdings of PROK. Bank of New York Mellon Corp raised its stake in shares of ProKidney by 44.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock valued at $441,000 after buying an additional 55,266 shares during the last quarter. Rhumbline Advisers grew its holdings in ProKidney by 8.8% during the second quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock worth $187,000 after acquiring an additional 6,181 shares during the period. Marshall Wace LLP purchased a new position in ProKidney during the second quarter valued at approximately $124,000. AQR Capital Management LLC acquired a new position in ProKidney in the second quarter valued at approximately $50,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in ProKidney in the 2nd quarter worth approximately $60,000. Institutional investors and hedge funds 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.