ProKidney (NASDAQ:PROK) Shares Gap Down – What’s Next?

Shares of ProKidney Corp. (NASDAQ:PROK) gapped down prior to trading on Tuesday . The stock had previously closed at $1.83, but opened at $1.77. ProKidney shares last traded at $1.77, with a volume of 25,112 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PROK. JPMorgan Chase & Co. initiated coverage on ProKidney in a research note on Monday, September 30th. They set a “neutral” rating on the stock. 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. Finally, Guggenheim initiated coverage on ProKidney in a research report on Tuesday, September 10th. They set a “buy” rating and a $6.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $4.50.

ProKidney Trading Down 1.6 %

The firm has a market capitalization of $539.57 million, a PE ratio of -3.42 and a beta of 1.11. The firm has a 50-day moving average of $1.85 and a two-hundred day moving average of $2.36.

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

Insider Buying and Selling at ProKidney

In other news, insider Darin J. Weber sold 16,412 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $2.50, for a total value of $41,030.00. Following the transaction, the insider now owns 103,480 shares of the company’s stock, valued at approximately $258,700. This trade represents a 13.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 41.49% of the stock is currently owned by corporate insiders.

Institutional Trading of ProKidney

Several large investors have recently added to or reduced their stakes in PROK. Suvretta Capital Management LLC lifted its position in ProKidney by 32.1% during the 3rd quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock worth $23,695,000 after acquiring an additional 3,000,000 shares in the last quarter. Geode Capital Management LLC lifted its position 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 purchasing an additional 1,112,933 shares in the last quarter. State Street Corp boosted its stake in shares of ProKidney by 16.2% in the third quarter. State Street Corp now owns 1,428,318 shares of the company’s stock valued at $2,742,000 after purchasing an additional 198,836 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in 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 buying an additional 450,548 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in ProKidney by 44.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock valued at $441,000 after purchasing an additional 55,266 shares in the last quarter. 51.59% of the stock is currently owned by institutional investors and hedge funds.

About ProKidney

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.