ProKidney (NASDAQ:PROK) Stock Price Up 8.1% - Here's What Happened

Key Points

• ProKidney Corp. (NASDAQ:PROK) shares rose 8.1% during trading, reaching a high of $2.55, with significant decrease in trading volume compared to the average session.
• Analysts have set varied price targets, with Citigroup upgrading its target to $9.00, while Bank of America downgraded its target to $1.00, reflecting differing sentiments on the stock.
• The company reported a quarterly earnings surprise of $0.01, with earnings per share at ($0.13), and analysts predict a full-year EPS of -$0.57.

Shares of ProKidney Corp. (NASDAQ:PROK - Get Free Report) shot up 8.1% during mid-day trading on Monday . The company traded as high as $2.49 and last traded at $2.55. 196,785 shares changed hands during trading, a decline of 97% from the average session volume of 5,753,209 shares. The stock had previously closed at $2.36.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Citigroup restated a "buy" rating and set a $9.00 price objective (up from $6.00) on shares of ProKidney in a research report on Wednesday, July 9th. UBS Group raised their target price on ProKidney from $4.00 to $8.00 and gave the company a "buy" rating in a research report on Tuesday, July 15th. Bank of America downgraded ProKidney from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $3.00 to $1.00 in a research note on Monday, June 30th. Wall Street Zen raised shares of ProKidney from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Guggenheim reissued a "buy" rating and issued a $7.00 price target (up from $6.00) on shares of ProKidney in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $6.25.

ProKidney Stock Up 3.6%

The company has a market cap of $715.65 million, a PE ratio of -4.29 and a beta of 1.76. The business's 50 day moving average price is $2.14 and its 200-day moving average price is $1.39.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.01. The company had revenue of $0.22 million during the quarter. Equities analysts expect that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Activity

In other news, insider Darin J. Weber sold 103,480 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $3.02, for a total value of $312,509.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 41.49% of the company's stock.

Hedge Funds Weigh In On ProKidney

Large investors have recently made changes to their positions in the business. Catalyst Funds Management Pty Ltd acquired a new position in ProKidney during the 2nd quarter valued at about $36,000. AQR Capital Management LLC boosted its position in ProKidney by 106.4% in the first quarter. AQR Capital Management LLC now owns 52,570 shares of the company's stock valued at $46,000 after buying an additional 27,098 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of ProKidney by 57.3% during the fourth quarter. ProShare Advisors LLC now owns 30,879 shares of the company's stock worth $52,000 after buying an additional 11,250 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of ProKidney by 49.4% in the 1st quarter. Deutsche Bank AG now owns 86,337 shares of the company's stock valued at $76,000 after acquiring an additional 28,546 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of ProKidney during the 4th quarter valued at $88,000. Institutional investors and hedge funds 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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