ProKidney (NASDAQ:PROK) Shares Up 7.8% – Here’s What Happened

Shares of ProKidney Corp. (NASDAQ:PROK) were up 7.8% on Wednesday . The stock traded as high as $2.23 and last traded at $2.21. Approximately 47,678 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 711,765 shares. The stock had previously closed at $2.05.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Bank of America decreased their price target on ProKidney from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Guggenheim started coverage on ProKidney in a research report on Tuesday, September 10th. They issued a “buy” rating and a $6.00 price target for the company. Finally, JPMorgan Chase & Co. started coverage on ProKidney in a research report on Monday, September 30th. They set a “neutral” rating for the company. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.50.

ProKidney Price Performance

The company has a 50-day simple moving average of $1.96 and a two-hundred day simple moving average of $2.39. The stock has a market capitalization of $622.79 million, a price-to-earnings ratio of -3.91 and a beta of 1.11.

ProKidney (NASDAQ:PROK) last announced its earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share for the quarter, meeting the consensus estimate of ($0.14). Research analysts anticipate that ProKidney Corp. will post -0.52 EPS for the current year.

Insider Buying and Selling

In other news, insider Darin J. Weber sold 16,412 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $2.50, for a total transaction of $41,030.00. Following the transaction, the insider now owns 103,480 shares of the company’s stock, valued at approximately $258,700. This represents a 13.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 41.49% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Castleview Partners LLC acquired a new position in shares of ProKidney during the 3rd quarter valued at about $63,000. The Manufacturers Life Insurance Company acquired a new stake in ProKidney in the 2nd quarter valued at approximately $60,000. AQR Capital Management LLC acquired a new stake in ProKidney in the 2nd quarter valued at approximately $50,000. Marshall Wace LLP acquired a new stake in ProKidney in the 2nd quarter valued at approximately $124,000. Finally, Rhumbline Advisers grew its holdings in ProKidney by 8.8% in the 2nd quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock valued at $187,000 after buying an additional 6,181 shares during the last quarter. Institutional investors and hedge funds own 51.59% of the company’s stock.

ProKidney Company Profile

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.