ProKidney (NASDAQ:PROK) Shares Up 5.9% - Here's Why

Key Points

• Shares jumped 5.9% mid-day to $1.695 (intraday high $1.70) on 520,708 shares traded, roughly 39% below the stock's average session volume.
• Analyst views are mixed but the consensus is a Moderate Buy with an average price target of $7.40, ranging from Strong Buy to Sell among firms covering the name.
• ProKidney is a clinical-stage biotech developing cell-based kidney therapies; it beat quarterly EPS expectations (reported ($0.14) vs. ($0.16) expected) but remains unprofitable with an expected FY EPS of -0.57 and a market cap of $487M, and institutions own about 51.6% of the stock.

ProKidney Corp. (NASDAQ:PROK - Get Free Report) shares shot up 5.9% during mid-day trading on Monday . The company traded as high as $1.70 and last traded at $1.6950. 520,708 shares were traded during mid-day trading, a decline of 39% from the average session volume of 852,729 shares. The stock had previously closed at $1.60.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PROK shares. Wall Street Zen cut shares of ProKidney from a "hold" rating to a "sell" rating in a report on Saturday, March 21st. Jefferies Financial Group upgraded shares of ProKidney to a "strong-buy" rating in a report on Wednesday, March 18th. HC Wainwright began coverage on shares of ProKidney in a research report on Tuesday, December 16th. They issued a "buy" rating and a $12.00 target price on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of ProKidney in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, ProKidney has a consensus rating of "Moderate Buy" and an average price target of $7.40.

ProKidney Trading Up 0.8%

The business has a 50 day moving average of $2.10 and a 200-day moving average of $2.41. The stock has a market cap of $487.00 million, a PE ratio of -3.11 and a beta of 1.75.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its quarterly earnings data on Wednesday, March 18th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.02. The firm had revenue of $0.23 million during the quarter, compared to analysts' expectations of $0.00 million. Research analysts expect that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Institutional Trading of ProKidney

A number of large investors have recently bought and sold shares of the business. Virtus Investment Advisers LLC purchased a new position in ProKidney during the 4th quarter worth $270,000. Artia Global Partners LP purchased a new stake in shares of ProKidney in the fourth quarter valued at about $4,118,000. Cetera Investment Advisers purchased a new stake in shares of ProKidney in the fourth quarter valued at about $28,000. Amundi acquired a new stake in shares of ProKidney during the fourth quarter worth about $610,000. Finally, ExodusPoint Capital Management LP grew its holdings in shares of ProKidney by 22.8% during the fourth quarter. ExodusPoint Capital Management LP now owns 128,853 shares of the company's stock worth $289,000 after buying an additional 23,924 shares during the last quarter. Institutional investors and hedge funds own 51.59% of the company's stock.

ProKidney Company Profile

ProKidney, Inc NASDAQ: PROK is a clinical-stage biotechnology company focused on developing cell-based therapies for kidney diseases. The company’s research and development activities center on harnessing human-derived proximal tubule cells to address conditions such as acute kidney injury (AKI) and chronic kidney disease (CKD). By targeting the underlying cellular mechanisms of renal injury and dysfunction, ProKidney aims to offer novel regenerative medicine approaches that go beyond current supportive care options.

ProKidney’s lead programs utilize proprietary methods for isolating and expanding renal epithelial cells to create injectable therapeutic products.

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