ProKidney Corp. (NASDAQ:PROK) Sees Large Decline in Short Interest

Key Points

• ProKidney Corp. experienced a 33.7% decrease in short interest in July, with current short interest totaling 7,570,000 shares, representing 7.8% of the company's total shares.
• Financial analysts are mixed on ProKidney, with Citigroup raising its price target to $9.00 and Bank of America cutting its target from $3.00 to $1.00, resulting in a consensus rating of "Hold" and a target price of $6.25.
• ProKidney's stock traded down 8.3% on the market, reaching $2.33 with a market capitalization of approximately $681.99 million.

ProKidney Corp. (NASDAQ:PROK - Get Free Report) was the target of a large decrease in short interest in July. As of July 31st, there was short interest totaling 7,570,000 shares, adecreaseof33.7% from the July 15th total of 11,410,000 shares. Currently,7.8% of the company's shares are short sold. Based on an average trading volume of 12,730,000 shares, the days-to-cover ratio is currently 0.6 days. Based on an average trading volume of 12,730,000 shares, the days-to-cover ratio is currently 0.6 days. Currently,7.8% of the company's shares are short sold.

Wall Street Analyst Weigh In

Several research firms have weighed in on PROK. Citigroup reiterated a "buy" rating and issued a $9.00 price objective (up previously from $6.00) on shares of ProKidney in a research note on Wednesday, July 9th. UBS Group increased their price objective on ProKidney from $4.00 to $8.00 and gave the stock a "buy" rating in a report on Tuesday, July 15th. Bank of America cut shares of ProKidney from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $3.00 to $1.00 in a research note on Monday, June 30th. Wall Street Zen upgraded shares of ProKidney from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Guggenheim reaffirmed a "buy" rating and issued a $7.00 price objective (up previously from $6.00) on shares of ProKidney in a research note on Monday, July 14th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $6.25.

Insider Activity at ProKidney

In related news, insider Darin J. Weber sold 103,480 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $3.02, for a total value of $312,509.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 41.49% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PROK. Catalyst Funds Management Pty Ltd bought a new stake in shares of ProKidney in the second quarter valued at about $36,000. AQR Capital Management LLC grew its position in ProKidney by 106.4% during the first quarter. AQR Capital Management LLC now owns 52,570 shares of the company's stock worth $46,000 after buying an additional 27,098 shares in the last quarter. ProShare Advisors LLC grew its position in ProKidney by 57.3% during the fourth quarter. ProShare Advisors LLC now owns 30,879 shares of the company's stock worth $52,000 after buying an additional 11,250 shares in the last quarter. Deutsche Bank AG grew its position in ProKidney by 49.4% during the first quarter. Deutsche Bank AG now owns 86,337 shares of the company's stock worth $76,000 after buying an additional 28,546 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in ProKidney during the fourth quarter worth about $88,000. Institutional investors and hedge funds own 51.59% of the company's stock.

ProKidney Trading Down 8.3%

PROK traded down $0.21 during midday trading on Tuesday, reaching $2.33. The company's stock had a trading volume of 1,610,331 shares, compared to its average volume of 5,743,460. The company has a fifty day simple moving average of $2.18 and a 200 day simple moving average of $1.40. The stock has a market cap of $681.99 million, a P/E ratio of -4.09 and a beta of 1.76. ProKidney has a twelve month low of $0.46 and a twelve month high of $7.13.

ProKidney (NASDAQ:PROK - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.01. The company had revenue of $0.22 million during the quarter. Sell-side analysts expect that ProKidney will post -0.57 earnings per share for the current year.

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.

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