ProKidney (NASDAQ:PROK) Stock Price Down 7.6% - Should You Sell?

Key Points

• ProKidney shares fell 7.6% to $1.765 during mid-day trading, with volume below its average. The company has a $533.6 million market capitalization and trades below its 200-day moving average.
• ProKidney’s latest quarterly results missed expectations, reporting a loss of $0.15 per share versus the $0.14 estimate and revenue of $0.15 million versus $0.19 million expected.
• Analyst sentiment is mixed: the stock carries a consensus “Moderate Buy” rating and a $12 average price target, while insiders sold 757,164 shares worth about $1.07 million over the past 90 days.

ProKidney Corp. (NASDAQ:PROK - Get Free Report)'s stock price dropped 7.6% during mid-day trading on Monday . The company traded as low as $1.7750 and last traded at $1.7650. 653,636 shares were traded during trading, a decline of 40% from the average session volume of 1,084,180 shares. The stock had previously closed at $1.91.

Analysts Set New Price Targets

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

ProKidney Stock Down 7.6%

The firm has a market cap of $533.60 million, a price-to-earnings ratio of -3.19 and a beta of 1.70. The business has a 50 day moving average price of $1.67 and a 200-day moving average price of $1.81.

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

Insider Activity at ProKidney

In other news, Director Brian Pereira sold 229,338 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $1.37, for a total transaction of $314,193.06. Following the transaction, the director directly owned 445,897 shares of the company's stock, valued at approximately $610,878.89. The trade was a 33.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 757,164 shares of company stock worth $1,067,315 over the last 90 days. Insiders own 39.83% of the company's stock.

Institutional Investors Weigh In On ProKidney

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PROK. Artia Global Partners LP acquired a new stake in shares of ProKidney during the fourth quarter valued at about $4,118,000. Renaissance Technologies LLC increased its position in shares of ProKidney by 39.6% during the first 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 during the last quarter. R Squared Ltd acquired a new position in shares of ProKidney in the first quarter worth about $25,000. AXQ Capital LP purchased a new position in ProKidney in the second quarter valued at about $76,000. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings 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 purchasing an additional 236,056 shares during the last quarter. Hedge funds and other institutional investors own 51.59% of the company's stock.

ProKidney Company Profile

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.

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