ProKidney (NASDAQ:PROK) Shares Down 6.9% - What's Next?

Key Points

• ProKidney Corp. (NASDAQ:PROK) shares fell by 6.9% to $2.37, with trading volume significantly declining to about 359,529 shares, down 94% from its average daily volume.
• Equities analysts have varied opinions on ProKidney, with UBS raising its target to $8.00 while Bank of America has downgraded the stock to an "underperform" rating with a target of $1.00.
• The company's latest earnings report showed a loss of ($0.13) EPS, which beat the consensus estimate, and it anticipates an EPS of -0.57 for the current year.

ProKidney Corp. (NASDAQ:PROK - Get Free Report) shares dropped 6.9% on Tuesday . The company traded as low as $2.38 and last traded at $2.37. Approximately 359,529 shares were traded during trading, a decline of 94% from the average daily volume of 5,734,621 shares. The stock had previously closed at $2.54.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. UBS Group upped their target price on ProKidney from $4.00 to $8.00 and gave the stock a "buy" rating in a report on Tuesday, July 15th. Guggenheim reissued a "buy" rating and issued a $7.00 price target (up from $6.00) on shares of ProKidney in a research report on Monday, July 14th. Bank of America downgraded ProKidney from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $3.00 to $1.00 in a research report on Monday, June 30th. Citigroup reiterated a "buy" rating and issued a $9.00 target price (up previously from $6.00) on shares of ProKidney in a research note on Wednesday, July 9th. Finally, Wall Street Zen raised shares of ProKidney from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $6.25.

ProKidney Stock Down 7.3%

The stock has a 50-day moving average of $2.18 and a 200 day moving average of $1.40. The stock has a market cap of $689.31 million, a PE ratio of -4.13 and a beta of 1.76.

ProKidney (NASDAQ:PROK - Get Free Report) last announced its quarterly earnings data 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 Corp. will post -0.57 EPS for the current year.

Insider Buying and Selling at ProKidney

In other news, insider Darin J. Weber sold 103,480 shares of the business'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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 41.49% of the company's stock.

Institutional Investors Weigh In On ProKidney

Several hedge funds have recently bought and sold shares of PROK. Bank of New York Mellon Corp increased its holdings in shares of ProKidney by 4.3% during the 1st quarter. Bank of New York Mellon Corp now owns 239,673 shares of the company's stock valued at $210,000 after purchasing an additional 9,903 shares in the last quarter. ProShare Advisors LLC grew its position in ProKidney by 57.3% during the fourth quarter. ProShare Advisors LLC now owns 30,879 shares of the company's stock valued at $52,000 after buying an additional 11,250 shares during the period. Bank of America Corp DE increased its holdings in ProKidney by 3.2% in the fourth quarter. Bank of America Corp DE now owns 539,232 shares of the company's stock valued at $911,000 after buying an additional 16,538 shares in the last quarter. Wells Fargo & Company MN increased its holdings in ProKidney by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 54,098 shares of the company's stock valued at $91,000 after buying an additional 18,431 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of ProKidney by 41.8% in the fourth quarter. JPMorgan Chase & Co. now owns 66,415 shares of the company's stock worth $112,000 after acquiring an additional 19,585 shares during the period. Hedge funds and other institutional investors 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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