ProKidney (NASDAQ:PROK) Shares Down 7.8% - Should You Sell?

Key Points

• ProKidney Corp. (NASDAQ: PROK) saw its stock price drop by 7.8%, trading between $3.01 and $3.04, with a significant decrease in trading volume.
• Analysts have set varied price targets for ProKidney, with Guggenheim increasing their target to $7.00, while Bank of America reduced theirs to $1.00, resulting in a consensus rating of "Hold" and an average target price of $6.25.
• Insider trading activity includes a notable sale of 103,480 shares by insider Darin J. Weber, indicating a share price of $3.02 at the time.

ProKidney Corp. (NASDAQ:PROK - Get Free Report) dropped 7.8% on Monday . The company traded as low as $3.01 and last traded at $3.04. Approximately 893,492 shares changed hands during trading, a decline of 85% from the average daily volume of 6,068,500 shares. The stock had previously closed at $3.29.

Wall Street Analysts Forecast Growth

PROK has been the topic of a number of recent research reports. Guggenheim reiterated a "buy" rating and set a $7.00 target price (up previously from $6.00) on shares of ProKidney in a research note on Monday, July 14th. Wall Street Zen upgraded ProKidney from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. 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 research note on Monday, June 30th. Citigroup reiterated a "buy" rating and set a $9.00 target price (up previously from $6.00) on shares of ProKidney in a research note on Wednesday, July 9th. Finally, UBS Group increased their target price on ProKidney from $4.00 to $8.00 and gave the stock a "buy" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, ProKidney has a consensus rating of "Hold" and a consensus target price of $6.25.

ProKidney Price Performance

The firm has a market cap of $825.41 million, a price-to-earnings ratio of -4.70 and a beta of 1.26. The stock has a 50-day moving average of $1.69 and a 200-day moving average of $1.31.

ProKidney (NASDAQ:PROK - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.03. The firm had revenue of $0.23 million for the quarter. On average, equities analysts expect that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Insider Buying and Selling at ProKidney

In other ProKidney news, insider Darin J. Weber sold 103,480 shares of the firm's stock in a transaction 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 filing with the SEC, which is available at this link. Corporate insiders own 41.49% of the company's stock.

Institutional Investors Weigh In On ProKidney

Hedge funds have recently modified their holdings of the company. Y Intercept Hong Kong Ltd bought a new position in ProKidney during the 2nd quarter worth $208,000. AQR Capital Management LLC raised 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 acquiring an additional 27,098 shares in the last quarter. Nuveen LLC bought a new position in shares of ProKidney in the 1st quarter worth about $233,000. Deutsche Bank AG raised 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 acquiring an additional 28,546 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of ProKidney by 8.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 825,647 shares of the company's stock worth $723,000 after acquiring an additional 65,860 shares in the last quarter. Institutional investors and hedge funds 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.