ProKidney (NASDAQ:PROK) Stock Price Up 21.1% - Still a Buy?

Key Points

• ProKidney Corp. shares surged 21.1% during trading on Thursday, reaching a last trading price of $2.62 after closing at $2.16. However, trading volume was down significantly, decreasing 83% from the average.
• Analysts have mixed views on the stock; while Guggenheim and Citigroup maintain buy ratings with target prices of $7.00 and $9.00 respectively, Zacks downgraded it to a hold rating.
• ProKidney, a biotechnology company focused on chronic kidney disease therapy, reported a quarterly earnings per share of ($0.13), slightly beating estimates, and has a market capitalization of approximately $840 million.

ProKidney Corp. (NASDAQ:PROK - Get Free Report) shares were up 21.1% during mid-day trading on Thursday . The company traded as high as $2.51 and last traded at $2.62. Approximately 924,098 shares changed hands during trading, a decline of 83% from the average daily volume of 5,332,888 shares. The stock had previously closed at $2.16.

Analyst Ratings Changes

A number of analysts have recently issued reports on PROK shares. Zacks Research downgraded ProKidney from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. Wall Street Zen upgraded ProKidney from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Bank of America downgraded ProKidney from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $3.00 to $1.00 in a research report on Monday, June 30th. Guggenheim reissued a "buy" rating and set a $7.00 price objective (up from $6.00) on shares of ProKidney in a report on Monday, July 14th. Finally, Citigroup reissued a "buy" rating and set a $9.00 price objective (up from $6.00) on shares of ProKidney in a report on Wednesday, July 9th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ProKidney presently has a consensus rating of "Hold" and a consensus price target of $6.25.

ProKidney Trading Up 6.9%

The stock has a 50 day simple moving average of $2.83 and a 200 day simple moving average of $1.52. The firm has a market capitalization of $771.01 million, a PE ratio of -4.60 and a beta of 1.74.

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

Insider Buying and Selling

In other ProKidney news, insider Darin J. Weber sold 103,480 shares of ProKidney 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 legal filing with the SEC, which can be accessed through the SEC website. 41.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On ProKidney

A number of large investors have recently made changes to their positions in PROK. Catalyst Funds Management Pty Ltd bought a new stake in shares of ProKidney in the 2nd quarter worth approximately $36,000. AQR Capital Management LLC grew its position in shares of ProKidney by 106.4% in the 1st quarter. AQR Capital Management LLC now owns 52,570 shares of the company's stock worth $46,000 after buying an additional 27,098 shares during the last quarter. ProShare Advisors LLC grew its position in shares of ProKidney by 57.3% in the 4th quarter. ProShare Advisors LLC now owns 30,879 shares of the company's stock worth $52,000 after buying an additional 11,250 shares during the last quarter. Deutsche Bank AG grew its position in shares of ProKidney by 49.4% in the 1st quarter. Deutsche Bank AG now owns 86,337 shares of the company's stock worth $76,000 after buying an additional 28,546 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of ProKidney in the 4th quarter worth approximately $110,000. 51.59% of the stock is currently owned by institutional investors.

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.