ProKidney (NASDAQ:PROK) Downgraded to Hold Rating by Zacks Research

Key Points

• ProKidney was downgraded from a "strong-buy" to a "hold" rating by Zacks Research, reflecting a cautionary stance on the stock.
• ProKidney's stock is currently trading at approximately $2.25, with a significant market capitalization of $657.11 million.
• Institutional ownership of ProKidney stands at 51.59%, indicating a notable level of interest from institutional investors in the company's stock.

Zacks Research lowered shares of ProKidney (NASDAQ:PROK - Free Report) from a strong-buy rating to a hold rating in a research note released on Monday, August 18th,Zacks.com reports.

PROK has been the subject of several other reports. Wall Street Zen raised shares of ProKidney from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Bank of America lowered shares of ProKidney from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $3.00 to $1.00 in a report on Monday, June 30th. Guggenheim reissued a "buy" rating and issued a $7.00 target price (up from $6.00) on shares of ProKidney in a report on Monday, July 14th. UBS Group increased their target price on shares of ProKidney from $4.00 to $8.00 and gave the stock a "buy" rating in a report on Tuesday, July 15th. Finally, Citigroup reissued a "buy" rating and issued a $9.00 target price (up from $6.00) on shares of ProKidney in a report on Wednesday, July 9th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $6.25.

ProKidney Stock Performance

Shares of NASDAQ PROK traded up $0.0050 during midday trading on Monday, hitting $2.4150. 505,802 shares of the company's stock traded hands, compared to its average volume of 5,628,426. ProKidney has a 1 year low of $0.46 and a 1 year high of $7.13. The stock has a market capitalization of $710.69 million, a price-to-earnings ratio of -4.24 and a beta of 1.76. The firm has a fifty day moving average of $2.29 and a 200 day moving average of $1.42.

ProKidney (NASDAQ:PROK - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.01. The business had revenue of $0.22 million for the quarter. On average, equities analysts anticipate that ProKidney will post -0.57 earnings per share for the current year.

Insider Transactions at ProKidney

In other ProKidney news, insider Darin J. Weber sold 103,480 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $3.02, for a total transaction of $312,509.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 41.49% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Catalyst Funds Management Pty Ltd bought a new position in shares of ProKidney during the 2nd quarter valued at approximately $36,000. AQR Capital Management LLC boosted its position in shares of ProKidney by 106.4% during the 1st quarter. AQR Capital Management LLC now owns 52,570 shares of the company's stock valued at $46,000 after acquiring an additional 27,098 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of ProKidney by 57.3% during the 4th quarter. ProShare Advisors LLC now owns 30,879 shares of the company's stock valued at $52,000 after acquiring an additional 11,250 shares during the last quarter. Deutsche Bank AG boosted its position in shares of ProKidney by 49.4% during the 1st quarter. Deutsche Bank AG now owns 86,337 shares of the company's stock valued at $76,000 after acquiring an additional 28,546 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of ProKidney during the 4th quarter valued at approximately $88,000. 51.59% of the stock is currently owned by institutional investors.

About ProKidney

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.