ProKidney (NASDAQ:PROK) Stock Price Up 10% - Should You Buy?

Key Points

• ProKidney Corp. stock price increased by **10%**, trading at approximately **$2.96**, despite a significant drop in trading volume compared to its average.
• Analysts have set new price targets for ProKidney, with Citigroup raising their target to **$9.00**, indicating strong potential for growth despite mixed ratings from other firms.
• The company reported a loss of **$0.13** per share in its latest earnings but exceeded analysts' expectations, with projected earnings anticipated to be **-0.57 EPS** for the current fiscal year.

ProKidney Corp. (NASDAQ:PROK - Get Free Report) shares traded up 10% during mid-day trading on Thursday . The stock traded as high as $3.00 and last traded at $2.96. 1,485,227 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 5,993,420 shares. The stock had previously closed at $2.69.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citigroup reiterated a "buy" rating and issued a $9.00 price objective (up from $6.00) on shares of ProKidney in a research report on Wednesday, July 9th. UBS Group upped their price target on ProKidney from $4.00 to $8.00 and gave the stock a "buy" rating in a research report on Tuesday, July 15th. Wall Street Zen upgraded ProKidney from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Guggenheim reiterated a "buy" rating and set a $7.00 price objective (up previously from $6.00) on shares of ProKidney in a research report on Monday, July 14th. Finally, Bank of America cut ProKidney from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $3.00 to $1.00 in a research report on Monday, June 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $6.25.

ProKidney Price Performance

The company has a market capitalization of $810.78 million, a P/E ratio of -4.62 and a beta of 1.26. The stock has a 50-day moving average price of $1.69 and a 200-day moving average price of $1.31.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.16) by $0.03. The company had revenue of $0.23 million for the quarter. Sell-side analysts anticipate that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Insider Activity

In related 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 transaction of $312,509.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 41.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PROK. Hennion & Walsh Asset Management Inc. boosted its position in shares of ProKidney by 48.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 844,277 shares of the company's stock valued at $740,000 after buying an additional 275,630 shares during the last quarter. Nuveen LLC purchased a new position in ProKidney in the first quarter worth $233,000. Bleichroeder LP boosted its position in ProKidney by 8.4% in the fourth quarter. Bleichroeder LP now owns 2,000,000 shares of the company's stock worth $3,380,000 after purchasing an additional 155,000 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of ProKidney by 8.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 825,647 shares of the company's stock valued at $723,000 after buying an additional 65,860 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of ProKidney during the 4th quarter valued at $110,000. Hedge funds and other institutional investors own 51.59% of the company's stock.

ProKidney Company Profile

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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