ProKidney (NASDAQ:PROK) Trading Down 0.7% - Time to Sell?

Key Points

• ProKidney shares slipped 0.7% on Thursday, trading between $1.48 and $1.52 on lighter-than-average volume.
• Analyst sentiment remains mixed but constructive overall, with an average rating of “Moderate Buy” and a consensus price target of $12.00, despite some recent downgrades.
• The company is still unprofitable and missed earnings estimates in its latest report, posting a smaller-than-expected loss and giving analysts an expected full-year EPS of -0.49.

Shares of ProKidney Corp. (NASDAQ:PROK - Get Free Report) dropped 0.7% on Thursday . The company traded as low as $1.48 and last traded at $1.52. Approximately 790,961 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,675,586 shares. The stock had previously closed at $1.53.

Wall Street Analysts Forecast Growth

PROK has been the subject of a number of research analyst reports. HC Wainwright reissued a "buy" rating and set a $12.00 price target on shares of ProKidney in a report on Monday, May 18th. Wall Street Zen lowered ProKidney from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 16th. Finally, Weiss Ratings upgraded ProKidney from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $12.00.

ProKidney Stock Performance

The firm has a market cap of $459.13 million, a P/E ratio of -2.87 and a beta of 1.61. The company's 50 day moving average is $1.75 and its 200 day moving average is $1.94.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its earnings results on Friday, May 15th. The company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.01). The business had revenue of $0.23 million for the quarter, compared to analysts' expectations of $0.10 million. On average, equities research analysts anticipate that ProKidney Corp. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On ProKidney

Several hedge funds have recently modified their holdings of PROK. Millennium Management LLC bought a new position in ProKidney in the third quarter valued at about $4,734,000. Artia Global Partners LP bought a new stake in shares of ProKidney during the fourth quarter worth about $4,118,000. JPMorgan Chase & Co. grew its holdings in shares of ProKidney by 3,024.9% during the second quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company's stock worth $988,000 after purchasing an additional 1,615,243 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of ProKidney by 578.6% in the fourth quarter. Renaissance Technologies LLC now owns 895,705 shares of the company's stock valued at $2,006,000 after buying an additional 763,705 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of ProKidney in the second quarter valued at approximately $350,000. Institutional investors and hedge funds own 51.59% of the company's stock.

About ProKidney

ProKidney, Inc NASDAQ: PROK is a clinical-stage biotechnology company focused on developing cell-based therapies for kidney diseases. The company’s research and development activities center on harnessing human-derived proximal tubule cells to address conditions such as acute kidney injury (AKI) and chronic kidney disease (CKD). By targeting the underlying cellular mechanisms of renal injury and dysfunction, ProKidney aims to offer novel regenerative medicine approaches that go beyond current supportive care options.

ProKidney’s lead programs utilize proprietary methods for isolating and expanding renal epithelial cells to create injectable therapeutic products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.