ProKidney (NASDAQ:PROK) Trading 6.2% Higher – Here’s Why

ProKidney Corp. (NASDAQ:PROK)’s share price rose 6.2% on Tuesday . The company traded as high as $1.81 and last traded at $1.80. Approximately 183,438 shares were traded during trading, a decline of 73% from the average daily volume of 685,976 shares. The stock had previously closed at $1.69.

Analysts Set New Price Targets

PROK has been the topic of a number of recent research reports. Guggenheim started coverage on ProKidney in a research note on Tuesday, September 10th. They set a “buy” rating and a $6.00 price objective on the stock. Bank of America decreased their price target on ProKidney from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. began coverage on shares of ProKidney in a research report on Monday, September 30th. They issued a “neutral” rating for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, ProKidney currently has a consensus rating of “Hold” and an average target price of $4.50.

ProKidney Price Performance

The stock has a 50-day moving average price of $1.83 and a 200-day moving average price of $2.12. The firm has a market capitalization of $508.83 million, a PE ratio of -3.17 and a beta of 1.27.

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

Institutional Trading of ProKidney

Several institutional investors have recently added to or reduced their stakes in PROK. AQR Capital Management LLC acquired a new position in ProKidney during the 2nd quarter worth $50,000. XTX Topco Ltd bought a new position in shares of ProKidney in the 3rd quarter worth about $41,000. Intech Investment Management LLC bought a new position in ProKidney in the third quarter worth about $46,000. The Manufacturers Life Insurance Company bought a new stake in shares of ProKidney in the 2nd quarter worth approximately $60,000. Finally, Castleview Partners LLC acquired a new position in shares of ProKidney during the third quarter valued at $63,000. 51.59% of the stock is owned by institutional investors and hedge funds.

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.