ProKidney (NASDAQ:PROK) Trading Down 7.6% - Here's What Happened

Key Points

• Shares of ProKidney (NASDAQ:PROK) slid 7.6% intraday to about $1.79 on Tuesday, with 527,872 shares traded — roughly 37% below average volume.
• Analyst coverage is mixed but leans positive: the consensus is a “Moderate Buy” with a $7.40 average price target, including a $12 target from HC Wainwright and a recent Jefferies "strong-buy."
• The clinical‑stage biotech has a market cap of about $546M, reported Q1 EPS of -$0.14 (beating estimates) on minimal revenue ($0.23M), and currently trades below its 50‑ and 200‑day moving averages ($2.14 and $2.42).

Shares of ProKidney Corp. (NASDAQ:PROK - Get Free Report) traded down 7.6% during mid-day trading on Tuesday . The company traded as low as $1.80 and last traded at $1.7930. 527,872 shares changed hands during trading, a decline of 37% from the average session volume of 835,958 shares. The stock had previously closed at $1.94.

Analyst Upgrades and Downgrades

PROK has been the topic of a number of research reports. HC Wainwright initiated coverage on ProKidney in a report on Tuesday, December 16th. They issued a "buy" rating and a $12.00 price target on the stock. Jefferies Financial Group upgraded ProKidney to a "strong-buy" rating in a research report on Wednesday, March 18th. Wall Street Zen lowered ProKidney from a "hold" rating to a "sell" rating in a report on Saturday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of ProKidney in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $7.40.

ProKidney Price Performance

The firm's 50-day moving average price is $2.14 and its 200 day moving average price is $2.42. The firm has a market capitalization of $546.01 million, a price-to-earnings ratio of -3.49 and a beta of 1.75.

ProKidney (NASDAQ:PROK - Get Free Report) last issued its quarterly earnings data on Wednesday, March 18th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.23 million for the quarter, compared to analyst estimates of $0.00 million. On average, analysts predict that ProKidney Corp. will post -0.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProKidney

Institutional investors have recently made changes to their positions in the stock. Zullo Investment Group Inc. purchased a new stake in ProKidney during the third quarter valued at about $28,000. Cetera Investment Advisers acquired a new stake in shares of ProKidney during the fourth quarter valued at about $28,000. EntryPoint Capital LLC purchased a new stake in ProKidney during the 4th quarter worth approximately $65,000. Hudson Bay Capital Management LP bought a new stake in shares of ProKidney in the fourth quarter worth $101,000. Finally, AQR Capital Management LLC raised its holdings 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 acquiring an additional 27,098 shares in the last quarter. 51.59% of the stock is owned by institutional investors and hedge funds.

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.

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