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

Key Points

• ProKidney Corp. shares gapped down to $2.84 from a previous close of $2.96, despite last trading at $2.97 with significant trading volume of 894,607 shares.
• Analysts have mixed views on ProKidney, with three giving a "buy" rating, one a "hold," and two a "sell," resulting in an average price target of $6.25.
• ProKidney's recent quarterly earnings showed an EPS of ($0.13), slightly beating the consensus estimate and indicating ongoing financial challenges as analysts project -0.57 EPS for the current fiscal year.

ProKidney Corp. (NASDAQ:PROK - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $2.96, but opened at $2.84. ProKidney shares last traded at $2.97, with a volume of 894,607 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Citigroup restated a "buy" rating and set a $9.00 price objective (up previously from $6.00) on shares of ProKidney in a research note on Wednesday, July 9th. Zacks Research lowered ProKidney from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Guggenheim restated 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. UBS Group raised their price objective on ProKidney from $4.00 to $8.00 and gave the stock a "buy" rating in a research note on Tuesday, July 15th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of ProKidney in a research note on Saturday, September 27th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $6.25.

ProKidney Stock Up 4.2%

The firm has a 50 day moving average of $2.54 and a two-hundred day moving average of $1.70. The firm has a market capitalization of $907.85 million, a price-to-earnings ratio of -5.45 and a beta of 1.72.

ProKidney (NASDAQ:PROK - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.01. The business had revenue of $0.22 million during the quarter. Sell-side analysts forecast that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Institutional Investors Weigh In On ProKidney

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its position in ProKidney by 12.4% during the 2nd quarter. Bank of America Corp DE now owns 846,154 shares of the company's stock worth $501,000 after acquiring an additional 93,322 shares during the last quarter. Jane Street Group LLC bought a new stake in ProKidney during the 2nd quarter worth $350,000. Marshall Wace LLP bought a new stake in ProKidney during the 2nd quarter worth $274,000. JPMorgan Chase & Co. grew its position in ProKidney by 3,024.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company's stock worth $988,000 after acquiring an additional 1,615,243 shares during the last quarter. Finally, Catalyst Funds Management Pty Ltd bought a new stake in ProKidney during the 2nd quarter worth $36,000. Institutional investors own 51.59% of the company's stock.

About ProKidney

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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