ProKidney (NASDAQ:PROK) Sets New 52-Week High - Here's Why

Shares of ProKidney Corp. (NASDAQ:PROK - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $7.13 and last traded at $5.94, with a volume of 120847536 shares traded. The stock had previously closed at $3.73.

Analysts Set New Price Targets

Several research firms have commented on PROK. Wall Street Zen raised shares of ProKidney from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Citigroup upped their target price on shares of ProKidney from $6.00 to $9.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Bank of America downgraded shares of ProKidney from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $3.00 to $1.00 in a research report on Monday, June 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $5.33.

ProKidney Price Performance

The stock has a 50-day simple moving average of $0.97 and a 200-day simple moving average of $1.16. The stock has a market cap of $1.45 billion, a P/E ratio of -8.18 and a beta of 1.26.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.03. The business had revenue of $0.23 million during the quarter. As a group, sell-side analysts forecast that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital acquired 387,393 shares of the business's stock in a transaction that occurred on Tuesday, April 22nd. The stock was bought at an average price of $0.71 per share, with a total value of $275,049.03. Following the completion of the acquisition, the insider directly owned 73,842,723 shares of the company's stock, valued at approximately $52,428,333.33. The trade was a 0.53% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Darin J. Weber sold 103,480 shares of the company's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $3.02, for a total value of $312,509.60. The disclosure for this sale can be found here. Insiders have acquired 755,498 shares of company stock valued at $545,766 in the last quarter. 41.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On ProKidney

Several institutional investors have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. raised its position in ProKidney by 48.5% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 844,277 shares of the company's stock valued at $740,000 after purchasing an additional 275,630 shares during the period. Nuveen LLC acquired a new stake in shares of ProKidney during the first quarter worth about $233,000. Bleichroeder LP boosted its holdings in ProKidney by 8.4% in the 4th quarter. Bleichroeder LP now owns 2,000,000 shares of the company's stock valued at $3,380,000 after purchasing an additional 155,000 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of ProKidney by 8.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 825,647 shares of the company's stock valued at $723,000 after acquiring an additional 65,860 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in shares of ProKidney during the 4th quarter worth approximately $110,000. 51.59% of the stock is currently owned by institutional investors and hedge funds.

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.