ProKidney (NASDAQ:PROK) Stock Price Up 10% - What's Next?

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.

Shares of ProKidney Corp. (NASDAQ:PROK - Get Free Report) shot up 10% during trading on Thursday . The stock traded as high as $3.00 and last traded at $2.96. 1,485,227 shares were traded 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.

Wall Street Analysts Forecast Growth

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

ProKidney Stock Performance

The stock has a market capitalization of $828.63 million, a P/E ratio of -4.78 and a beta of 1.76. The business has a fifty day simple moving average of $1.78 and a 200-day simple moving average of $1.33.

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 analysts' consensus estimates of ($0.16) by $0.03. The business had revenue of $0.23 million for the quarter. On average, sell-side analysts anticipate that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Buying and Selling at ProKidney

In other news, insider Darin J. Weber sold 103,480 shares of the company's 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 document filed with the SEC, which can be accessed through this hyperlink. 41.49% of the stock is owned by insiders.

Institutional Investors Weigh In On ProKidney

A number of institutional investors and hedge funds have recently bought and sold shares of PROK. Sei Investments Co. purchased a new stake in shares of ProKidney during the 4th quarter valued at $69,000. JPMorgan Chase & Co. grew its stake in shares of ProKidney by 41.8% during the 4th quarter. JPMorgan Chase & Co. now owns 66,415 shares of the company's stock worth $112,000 after acquiring an additional 19,585 shares during the period. Geode Capital Management LLC grew its stake in shares of ProKidney by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 2,231,930 shares of the company's stock worth $3,773,000 after acquiring an additional 27,996 shares during the period. Wells Fargo & Company MN grew its stake in shares of ProKidney by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 54,098 shares of the company's stock worth $91,000 after acquiring an additional 18,431 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of ProKidney by 127.7% during the 4th quarter. Renaissance Technologies LLC now owns 105,200 shares of the company's stock worth $178,000 after acquiring an additional 59,000 shares during the period. 51.59% of the stock is owned by hedge funds and other institutional investors.

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.