Citigroup Issues Pessimistic Forecast for ProKidney (NASDAQ:PROK) Stock Price

ProKidney (NASDAQ:PROK - Get Free Report) had its price objective reduced by stock analysts at Citigroup to $8.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price objective indicates a potential upside of 426.32% from the stock's previous close.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProKidney in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, ProKidney presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.00.

ProKidney Price Performance

Shares of PROK stock traded up $0.01 during trading hours on Wednesday, hitting $1.52. The stock had a trading volume of 1,497,809 shares, compared to its average volume of 1,106,498. ProKidney has a one year low of $1.30 and a one year high of $3.27. The stock's 50-day moving average price is $1.67 and its two-hundred day moving average price is $1.84. The stock has a market capitalization of $459.53 million, a price-to-earnings ratio of -2.76 and a beta of 1.77.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). The firm had revenue of $0.15 million during the quarter, compared to analysts' expectations of $0.19 million. As a group, equities research analysts predict that ProKidney will post -0.51 earnings per share for the current fiscal year.

Insider Activity at ProKidney

In other ProKidney news, Director Brian Pereira sold 229,338 shares of ProKidney stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $1.37, for a total value of $314,193.06. Following the completion of the transaction, the director directly owned 445,897 shares of the company's stock, valued at $610,878.89. This trade represents a 33.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders have sold 757,164 shares of company stock valued at $1,067,315. Company insiders own 39.83% of the company's stock.

Institutional Trading of ProKidney

A number of institutional investors have recently bought and sold shares of PROK. Simplify Asset Management Inc. bought a new stake in ProKidney in the third quarter worth $803,000. Renaissance Technologies LLC grew its holdings in ProKidney by 39.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,250,794 shares of the company's stock worth $2,239,000 after acquiring an additional 355,089 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in ProKidney by 14.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,847,749 shares of the company's stock worth $3,769,000 after acquiring an additional 236,056 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of ProKidney by 6.7% during the 1st quarter. Bank of America Corp DE now owns 753,412 shares of the company's stock worth $1,349,000 after purchasing an additional 47,268 shares during the last quarter. Finally, AXQ Capital LP purchased a new stake in shares of ProKidney during the 2nd quarter worth $76,000. 51.59% of the stock is currently owned by institutional investors.

ProKidney Company Profile

ProKidney Corporation is a biotechnology company focused on developing cell-based therapies for chronic kidney disease (CKD). The company's lead investigational product is rilparencel, formerly known as REACT, an autologous cell therapy made from a patient's own kidney cells.

Rilparencel is designed to be injected into the patient's kidneys, where the cells are intended to support kidney function and potentially slow the progression of CKD. ProKidney is studying the therapy primarily in patients with diabetic kidney disease and advanced CKD, with the goal of delaying or reducing the need for dialysis or kidney transplantation.

ProKidney's operations are centered on the development and clinical testing of rilparencel, and the company does not currently have an approved commercial product.