ProKidney (NASDAQ:PROK) Shares Gap Down – Time to Sell?

ProKidney Corp. (NASDAQ:PROK) gapped down prior to trading on Wednesday . The stock had previously closed at $2.13, but opened at $1.98. ProKidney shares last traded at $1.94, with a volume of 19,295 shares trading hands.

Analyst Ratings Changes

Several research firms have commented on PROK. Bank of America lowered their target price on shares of ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. JPMorgan Chase & Co. assumed coverage on shares of ProKidney in a research report on Monday, September 30th. They set a “neutral” rating on the stock. Finally, Guggenheim assumed coverage on shares of ProKidney in a report on Tuesday, September 10th. They set a “buy” rating and a $6.00 price target for the company. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $4.50.

ProKidney Price Performance

The stock’s fifty day simple moving average is $1.81 and its 200-day simple moving average is $2.29. The company has a market capitalization of $562.90 million, a P/E ratio of -3.53 and a beta of 1.27.

ProKidney (NASDAQ:PROK) last released its earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share for the quarter, meeting the consensus estimate of ($0.14). On average, research analysts predict that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Activity at ProKidney

In related news, insider Darin J. Weber sold 16,412 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $2.50, for a total value of $41,030.00. Following the completion of the transaction, the insider now owns 103,480 shares of the company’s stock, valued at $258,700. This represents a 13.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 41.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PROK. Suvretta Capital Management LLC increased its holdings in shares of ProKidney by 32.1% during the third quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock worth $23,695,000 after buying an additional 3,000,000 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of ProKidney by 102.0% during the third quarter. Geode Capital Management LLC now owns 2,203,934 shares of the company’s stock worth $4,232,000 after buying an additional 1,112,933 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of ProKidney by 150.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company’s stock worth $1,439,000 after buying an additional 450,548 shares in the last quarter. State Street Corp increased its holdings in shares of ProKidney by 16.2% during the third quarter. State Street Corp now owns 1,428,318 shares of the company’s stock worth $2,742,000 after buying an additional 198,836 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of ProKidney by 575.7% during the third quarter. Barclays PLC now owns 146,321 shares of the company’s stock worth $281,000 after buying an additional 124,667 shares in the last quarter. 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.