ProKidney (NASDAQ:PROK) Stock Price Down 6% - Here's Why

Key Points

• ProKidney shares fell 6% to $1.57 in midday trading, with the stock trading below both its 50-day and 200-day moving averages.
• Investor sentiment is mixed: Weiss Ratings reaffirmed a “sell (D-)” rating, while the broader analyst consensus remains “Moderate Buy” with a $12 average price target.
• The company recently missed quarterly expectations, reporting a $0.15 per-share loss and $0.15 million in revenue; insiders have also sold 757,164 shares over the past 90 days.

ProKidney Corp. (NASDAQ:PROK - Get Free Report) shares fell 6% during mid-day trading on Tuesday. The stock traded as low as $1.53 and last traded at $1.57. Approximately 1,593,942 shares were traded during trading, a decline of 5% from the average session volume of 1,677,240 shares. The stock had previously closed at $1.67.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ProKidney in a research report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $12.00.

ProKidney Price Performance

The stock's fifty day simple moving average is $1.70 and its 200-day simple moving average is $1.75. The firm has a market cap of $474.64 million, a PE ratio of -2.85 and a beta of 1.77.

ProKidney (NASDAQ:PROK - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $0.15 million for the quarter, compared to analysts' expectations of $0.19 million. Analysts expect that ProKidney Corp. will post -0.51 earnings per share for the current year.

Insider Buying and Selling

In other ProKidney news, Director Brian Pereira sold 222,948 shares of the business's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $1.42, for a total transaction of $316,586.16. Following the sale, the director owned 54,103 shares in the company, valued at approximately $76,826.26. The trade was a 80.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 757,164 shares of company stock worth $1,067,315. Insiders own 39.83% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Artia Global Partners LP acquired a new stake in shares of ProKidney during the fourth quarter worth about $4,118,000. Hennion & Walsh Asset Management Inc. boosted its position in ProKidney by 14.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,847,749 shares of the company's stock valued at $3,769,000 after buying an additional 236,056 shares during the last quarter. Renaissance Technologies LLC increased its holdings in ProKidney by 39.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,250,794 shares of the company's stock worth $2,239,000 after buying an additional 355,089 shares during the period. Bank of America Corp DE increased its holdings in ProKidney by 6.7% in the 1st quarter. Bank of America Corp DE now owns 753,412 shares of the company's stock worth $1,349,000 after buying an additional 47,268 shares during the period. Finally, Amundi increased its holdings in ProKidney by 7.2% in the 1st quarter. Amundi now owns 291,708 shares of the company's stock worth $522,000 after buying an additional 19,466 shares during the period. 51.59% of the stock is owned by institutional investors and hedge funds.

About ProKidney

ProKidney Corp. NASDAQ: PROK is a clinical-stage biotechnology company focused on developing cell therapies for chronic kidney disease. The company's approach is designed to support kidney function and potentially delay or reduce the need for dialysis or kidney transplantation in patients with progressive kidney disease.

Its lead product candidate, rilparencel, is an autologous renal cell therapy made from a patient's own kidney cells. The cells are processed and administered back into the patient's kidneys, where they are intended to promote the production of proteins and other factors associated with kidney health.

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