ProKidney (NASDAQ:PROK) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• ProKidney (NASDAQ:PROK) reported a quarterly earnings per share of ($0.13), exceeding estimates by $0.01.
• The company's stock price increased by 5.8%, reaching $2.37 during midday trading.
• Recent analyst ratings show a mix of opinions, with UBS Group raising its price target to $8.00 and Bank of America reducing it to $1.00.

ProKidney (NASDAQ:PROK - Get Free Report) released its earnings results on Tuesday. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.01, Zacks reports. The company had revenue of $0.22 million for the quarter.

ProKidney Trading Up 5.8%

Shares of PROK traded up $0.13 during midday trading on Wednesday, hitting $2.37. 2,504,121 shares of the company's stock traded hands, compared to its average volume of 5,836,200. The firm's fifty day moving average is $2.05 and its 200-day moving average is $1.38. ProKidney has a 1 year low of $0.46 and a 1 year high of $7.13. The stock has a market capitalization of $693.70 million, a price-to-earnings ratio of -3.95 and a beta of 1.76.

Insider Activity

In related news, insider Darin J. Weber sold 103,480 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $3.02, for a total value of $312,509.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 41.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ProKidney

A hedge fund recently raised its stake in ProKidney stock. AQR Capital Management LLC raised its holdings in ProKidney Corp. (NASDAQ:PROK - Free Report) by 106.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 52,570 shares of the company's stock after purchasing an additional 27,098 shares during the period. AQR Capital Management LLC's holdings in ProKidney were worth $46,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 51.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PROK shares. UBS Group raised their price target on ProKidney from $4.00 to $8.00 and gave the company a "buy" rating in a report on Tuesday, July 15th. Bank of America lowered ProKidney from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $3.00 to $1.00 in a research report on Monday, June 30th. Wall Street Zen upgraded ProKidney from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Citigroup restated a "buy" rating and set a $9.00 target price (up previously from $6.00) on shares of ProKidney in a research report on Wednesday, July 9th. Finally, Guggenheim reiterated a "buy" rating and issued a $7.00 price target (up previously from $6.00) on shares of ProKidney in a report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $6.25.

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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