ProKidney Corp. (NASDAQ:PROK - Get Free Report)'s share price fell 4.1% during trading on Friday . The company traded as low as $3.36 and last traded at $3.38. 669,111 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,571,552 shares. The stock had previously closed at $3.52.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on PROK shares. Bank of America downgraded shares of ProKidney from a "neutral" rating to an "underperform" rating and cut their price target for the stock from $3.00 to $1.00 in a report on Monday, June 30th. Guggenheim reaffirmed a "buy" rating and set a $7.00 target price (up previously from $6.00) on shares of ProKidney in a research note on Monday, July 14th. Wall Street Zen raised shares of ProKidney from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. UBS Group reaffirmed a "buy" rating and set a $8.00 target price (up previously from $4.00) on shares of ProKidney in a research note on Tuesday, July 15th. Finally, Citigroup reiterated a "buy" rating and set a $9.00 price target (up previously from $6.00) on shares of ProKidney in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $6.25.
Read Our Latest Report on ProKidney
ProKidney Price Performance
The company has a market capitalization of $954.20 million, a PE ratio of -5.41 and a beta of 1.26. The stock's 50 day simple moving average is $1.33 and its 200-day simple moving average is $1.23.
ProKidney (NASDAQ:PROK - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.16) by $0.03. The firm had revenue of $0.23 million for the quarter. On average, equities analysts predict that ProKidney Corp. will post -0.57 earnings per share for the current year.
Insider Buying and Selling
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 stock was 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 available through the SEC website. Also, insider Control Empresarial De Capital purchased 387,393 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was acquired at an average cost 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 $52,428,333.33. This represents a 0.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. 41.49% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On ProKidney
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PROK. Bank of New York Mellon Corp boosted its holdings in ProKidney by 20.6% in the fourth quarter. Bank of New York Mellon Corp now owns 229,770 shares of the company's stock valued at $388,000 after purchasing an additional 39,275 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in ProKidney by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 759,787 shares of the company's stock valued at $1,284,000 after purchasing an additional 10,069 shares in the last quarter. Sei Investments Co. acquired a new position in ProKidney in the fourth quarter valued at approximately $69,000. JPMorgan Chase & Co. boosted its holdings in shares of ProKidney by 41.8% in the fourth quarter. JPMorgan Chase & Co. now owns 66,415 shares of the company's stock valued at $112,000 after acquiring an additional 19,585 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of ProKidney by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 2,231,930 shares of the company's stock valued at $3,773,000 after acquiring an additional 27,996 shares during the period. 51.59% of the stock is owned by institutional investors and hedge funds.
ProKidney Company Profile
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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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