ProKidney (NASDAQ:PROK) Trading Down 8.8% – Here’s What Happened

ProKidney Corp. (NASDAQ:PROK)’s share price traded down 8.8% on Tuesday . The stock traded as low as $1.95 and last traded at $1.96. 224,736 shares were traded during mid-day trading, a decline of 68% from the average session volume of 713,049 shares. The stock had previously closed at $2.15.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Bank of America reduced their price objective on shares of ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Guggenheim began coverage on shares of ProKidney in a research note on Tuesday, September 10th. They issued a “buy” rating and a $6.00 price objective on the stock. Finally, JPMorgan Chase & Co. began coverage on shares of ProKidney in a research report on Monday, September 30th. They set a “neutral” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $4.50.

ProKidney Stock Performance

The stock has a fifty day simple moving average of $1.97 and a two-hundred day simple moving average of $2.39. The stock has a market capitalization of $593.83 million, a price-to-earnings ratio of -3.64 and a beta of 1.11.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.01. Research analysts forecast that ProKidney Corp. will post -0.52 earnings per share for the current year.

Insider Activity

In other news, insider Darin J. Weber sold 16,412 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $2.50, for a total value of $41,030.00. Following the completion of the sale, the insider now directly owns 103,480 shares in the company, valued at $258,700. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 41.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ProKidney

Hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of ProKidney by 150.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company’s stock worth $1,439,000 after purchasing an additional 450,548 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of ProKidney by 44.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock worth $441,000 after purchasing an additional 55,266 shares during the period. Rhumbline Advisers raised its holdings in shares of ProKidney by 8.8% in the 2nd quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock worth $187,000 after purchasing an additional 6,181 shares during the period. Marshall Wace LLP bought a new stake in shares of ProKidney in the 2nd quarter worth approximately $124,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of ProKidney in the 2nd quarter worth approximately $106,000. Institutional investors 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.