ProKidney (NASDAQ:PROK) Shares Down 6.9% - Should You Sell?

Key Points

• ProKidney Corp. shares dropped by 6.9% on Friday, closing at $2.78, with trading volume declining by 64% compared to the average.
• Analyst ratings are mixed, with three "buy" ratings, two "hold" ratings, and one "sell" rating, reflecting a consensus price target of $6.25.
• Institutional investors have significantly increased their holdings, with JPMorgan Chase boosting its position by over 3,000% in the second quarter.

ProKidney Corp. (NASDAQ:PROK - Get Free Report) was down 6.9% during mid-day trading on Friday . The stock traded as low as $2.75 and last traded at $2.78. Approximately 1,938,753 shares were traded during trading, a decline of 64% from the average daily volume of 5,384,855 shares. The stock had previously closed at $2.98.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PROK shares. Citigroup reiterated a "buy" rating and set a $9.00 price target (up previously from $6.00) on shares of ProKidney in a research report on Wednesday, July 9th. Wall Street Zen upgraded shares of ProKidney from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. UBS Group boosted their price target on shares of ProKidney from $4.00 to $8.00 and gave the company a "buy" rating in a research report on Tuesday, July 15th. Zacks Research lowered shares of ProKidney from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Finally, Guggenheim reissued a "buy" rating and set a $7.00 price objective (up previously from $6.00) on shares of ProKidney in a research note on Monday, July 14th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, ProKidney has a consensus rating of "Hold" and an average price target of $6.25.

ProKidney Price Performance

The firm's 50 day moving average is $2.81 and its 200 day moving average is $1.53. The firm has a market cap of $771.90 million, a P/E ratio of -4.63 and a beta of 1.74.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.14) by $0.01. The company had revenue of $0.22 million for the quarter. As a group, analysts expect that ProKidney Corp. will post -0.57 EPS for the current year.

Insider Activity at ProKidney

In related news, insider Darin J. Weber sold 103,480 shares of ProKidney stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $3.02, for a total transaction of $312,509.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 41.49% of the company's stock.

Institutional Investors Weigh In On ProKidney

Large investors have recently added to or reduced their stakes in the stock. Catalyst Funds Management Pty Ltd bought a new position in shares of ProKidney during the 2nd quarter worth approximately $36,000. AQR Capital Management LLC raised its stake 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 worth $46,000 after acquiring an additional 27,098 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of ProKidney by 57.3% during the 4th quarter. ProShare Advisors LLC now owns 30,879 shares of the company's stock worth $52,000 after acquiring an additional 11,250 shares in the last quarter. Deutsche Bank AG raised its stake in shares of ProKidney by 49.4% during the 1st quarter. Deutsche Bank AG now owns 86,337 shares of the company's stock worth $76,000 after acquiring an additional 28,546 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of ProKidney during the 4th quarter worth approximately $110,000. 51.59% of the stock is owned by hedge funds and other institutional investors.

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.