ProKidney (NASDAQ:PROK) Trading Down 5.6% - What's Next?

Key Points

• ProKidney Corp. experienced a stock price decline of 5.6%, trading as low as $2.32 during midday, with only 1,079,732 shares traded, significantly below its average volume.
• Brokerage firms have mixed opinions on ProKidney, with UBS upgrading their price target to $8.00 and Bank of America downgrading to $1.00, leading to an average consensus price target of $6.25.
• ProKidney reported an earnings per share (EPS) of ($0.13), slightly better than analysts' expectations of ($0.14), as the company prepares for further clinical trials of its lead product, Renal Autologous Cell Therapy.

ProKidney Corp. (NASDAQ:PROK - Get Free Report)'s stock price fell 5.6% during mid-day trading on Monday . The stock traded as low as $2.32 and last traded at $2.36. 1,079,732 shares were traded during mid-day trading, a decline of 52% from the average session volume of 2,268,510 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PROK. Wall Street Zen upgraded ProKidney from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. UBS Group upped their price objective on ProKidney from $4.00 to $8.00 and gave the company a "buy" rating in a research report on Tuesday, July 15th. Citigroup reiterated a "buy" rating and set a $9.00 target price (up from $6.00) on shares of ProKidney in a research report on Wednesday, July 9th. Guggenheim reiterated a "buy" rating and set a $7.00 target price (up from $6.00) on shares of ProKidney in a research report on Monday, July 14th. Finally, Bank of America downgraded ProKidney from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $3.00 to $1.00 in a research report on Monday, June 30th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $6.25.

ProKidney Price Performance

The company has a 50-day moving average of $2.49 and a two-hundred day moving average of $1.45. The stock has a market capitalization of $694.50 million, a PE ratio of -4.14 and a beta of 1.74.

ProKidney (NASDAQ:PROK - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.01. The firm had revenue of $0.22 million during the quarter. On average, research analysts forecast that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Insider Activity at ProKidney

In other news, insider Darin J. Weber sold 103,480 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $3.02, for a total value of $312,509.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 41.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ProKidney

A number of large investors have recently modified their holdings of the company. Bleichroeder LP raised its holdings in shares of ProKidney by 8.4% in the 4th 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 period. JPMorgan Chase & Co. grew its stake in shares of ProKidney by 3,024.9% in the second quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company's stock valued at $988,000 after buying an additional 1,615,243 shares in the last quarter. Northern Trust Corp grew its stake in shares of ProKidney by 7.4% in the fourth quarter. Northern Trust Corp now owns 890,907 shares of the company's stock valued at $1,506,000 after buying an additional 61,206 shares in the last quarter. Bank of America Corp DE grew its stake in shares of ProKidney by 12.4% in the second quarter. Bank of America Corp DE now owns 846,154 shares of the company's stock valued at $501,000 after buying an additional 93,322 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of ProKidney by 48.5% in 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 in the last quarter. 51.59% of the stock is currently 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.

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