ProKidney (NASDAQ:PROK) Stock Price Down 3.1% - Time to Sell?

Key Points

• ProKidney's stock price fell 3.1% to $2.93, with trading volume down 95% from its average daily volume.
• Bank of America downgraded the stock to "underperform" with a revised target price of $1.00, while other firms set target prices as high as $9.00.
• The company reported a quarterly EPS of ($0.13), beating estimates, but analysts expect a year-end EPS of (-0.57).

Shares of ProKidney Corp. (NASDAQ:PROK - Get Free Report) dropped 3.1% on Monday . The stock traded as low as $2.92 and last traded at $2.93. Approximately 249,075 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 5,059,691 shares. The stock had previously closed at $3.02.

Analysts Set New Price Targets

A number of research firms have weighed in on PROK. Bank of America lowered ProKidney from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $3.00 to $1.00 in a report on Monday, June 30th. Guggenheim reiterated a "buy" rating and issued a $7.00 target price (up from $6.00) on shares of ProKidney in a report on Monday, July 14th. Weiss Ratings restated a "sell (d-)" rating on shares of ProKidney in a report on Wednesday, October 8th. Citigroup reiterated 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. Finally, UBS Group raised their target price on shares of ProKidney from $4.00 to $8.00 and gave the company a "buy" rating in a research note on Tuesday, July 15th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, ProKidney has an average rating of "Hold" and a consensus target price of $6.25.

ProKidney Stock Down 4.8%

The stock has a market cap of $846.06 million, a PE ratio of -5.03 and a beta of 1.72. The stock has a 50-day moving average of $2.57 and a 200 day moving average of $1.75.

ProKidney (NASDAQ:PROK - Get Free Report) last released 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 during the quarter. On average, equities analysts anticipate that ProKidney Corp. will post -0.57 EPS for the current year.

Institutional Investors Weigh In On ProKidney

Several hedge funds have recently bought and sold shares of PROK. AQR Capital Management LLC increased its holdings 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 valued at $46,000 after purchasing an additional 27,098 shares in the last quarter. Catalyst Funds Management Pty Ltd purchased a new position in ProKidney in the second quarter valued at $36,000. Deutsche Bank AG raised its position in shares of ProKidney by 49.4% in the first quarter. Deutsche Bank AG now owns 86,337 shares of the company's stock worth $76,000 after acquiring an additional 28,546 shares during the period. Bank of New York Mellon Corp boosted its stake 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 worth $210,000 after acquiring an additional 9,903 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of ProKidney during the 1st quarter valued at about $233,000. Hedge funds and other 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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