ProKidney (NASDAQ:PROK) Shares Down 4.8% – Here’s What Happened

Shares of ProKidney Corp. (NASDAQ:PROK) traded down 4.8% during trading on Wednesday . The company traded as low as $1.76 and last traded at $1.76. 188,383 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 684,635 shares. The stock had previously closed at $1.85.

Wall Street Analysts Forecast Growth

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

ProKidney Stock Performance

The company has a 50-day moving average price of $1.85 and a 200-day moving average price of $2.17. The company has a market capitalization of $447.70 million, a price-to-earnings ratio of -2.79 and a beta of 1.27.

ProKidney (NASDAQ:PROK) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.14). As a group, sell-side analysts anticipate that ProKidney Corp. will post -0.57 earnings per share for the current fiscal year.

Insider Activity at ProKidney

In other news, insider Darin J. Weber sold 16,412 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $2.50, for a total transaction of $41,030.00. Following the sale, the insider now directly owns 103,480 shares of the company’s stock, valued at approximately $258,700. This represents a 13.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 41.49% of the stock is owned by company insiders.

Institutional Trading of ProKidney

Several institutional investors and hedge funds have recently modified their holdings of the business. XTX Topco Ltd bought a new position in ProKidney in the third quarter valued at about $41,000. Intech Investment Management LLC acquired a new stake in ProKidney in the third quarter valued at approximately $46,000. AQR Capital Management LLC purchased a new position in shares of ProKidney during the second quarter valued at approximately $50,000. The Manufacturers Life Insurance Company purchased a new position in shares of ProKidney during the second quarter valued at approximately $60,000. Finally, Castleview Partners LLC bought a new stake in ProKidney during the third quarter worth $63,000. 51.59% of the stock is currently owned by 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.