ProKidney (NASDAQ:PROK) Cut to Hold at 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.

ProKidney (NASDAQ:PROK - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Several other research firms also recently issued reports on PROK. Guggenheim reissued a "buy" rating and issued a $7.00 price target (up previously from $6.00) on shares of ProKidney in a research note on Monday, July 14th. UBS Group lifted their price target on ProKidney from $4.00 to $8.00 and gave the company a "buy" rating in a research note on Tuesday, July 15th. Bank of America downgraded ProKidney from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $3.00 to $1.00 in a research note on Monday, June 30th. Wall Street Zen raised ProKidney from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Citigroup reissued a "buy" rating and issued a $9.00 price target (up previously from $6.00) on shares of ProKidney in a research note 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. According to MarketBeat, ProKidney presently has a consensus rating of "Hold" and a consensus target price of $6.25.

ProKidney Trading Down 3.6%

Shares of ProKidney stock opened at $2.2450 on Monday. The company has a market capitalization of $657.11 million, a PE ratio of -4.00 and a beta of 1.76. ProKidney has a 12 month low of $0.46 and a 12 month high of $7.13. The stock's fifty day simple moving average is $2.20 and its 200 day simple moving average is $1.40.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.01. The business had revenue of $0.22 million for the quarter. Analysts predict that ProKidney will post -0.57 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On ProKidney

Institutional investors have recently bought and sold shares of the business. ProShare Advisors LLC increased 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 during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in ProKidney during the fourth quarter worth approximately $88,000. AQR Capital Management LLC increased 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 during the last quarter. Wells Fargo & Company MN increased its position in ProKidney by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 54,098 shares of the company's stock worth $91,000 after buying an additional 18,431 shares during the last quarter. Finally, Catalyst Funds Management Pty Ltd acquired a new position in ProKidney during the second quarter worth approximately $36,000. Institutional investors and hedge funds own 51.59% of the company's stock.

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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