Suvretta Capital Management LLC Raises Position in ProKidney Corp. (NASDAQ:PROK)

Suvretta Capital Management LLC increased its position in shares of ProKidney Corp. (NASDAQ:PROK) by 32.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,341,266 shares of the company’s stock after purchasing an additional 3,000,000 shares during the period. Suvretta Capital Management LLC’s holdings in ProKidney were worth $23,695,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted 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 valued at $1,439,000 after buying an additional 450,548 shares during the period. Bank of New York Mellon Corp lifted its holdings in ProKidney by 44.6% in the second quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock valued at $441,000 after acquiring an additional 55,266 shares during the period. Marshall Wace LLP purchased a new stake in shares of ProKidney during the 2nd quarter worth $124,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of ProKidney during the 2nd quarter worth $106,000. Finally, Castleview Partners LLC purchased a new position in shares of ProKidney in the 3rd quarter valued at about $63,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

ProKidney Stock Down 1.6 %

Shares of NASDAQ PROK opened at $1.85 on Friday. The firm’s 50-day moving average is $1.83 and its two-hundred day moving average is $2.35. ProKidney Corp. has a 12-month low of $1.18 and a 12-month high of $4.44.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. JPMorgan Chase & Co. started coverage on shares of ProKidney in a report on Monday, September 30th. They set a “neutral” rating on the stock. Guggenheim began coverage on ProKidney in a research note on Tuesday, September 10th. They set a “buy” rating and a $6.00 price target on the stock. Finally, Bank of America lowered their price target on ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, ProKidney presently has a consensus rating of “Hold” and a consensus price target of $4.50.

Insider Activity at ProKidney

In related news, insider Darin J. Weber sold 16,412 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $2.50, for a total transaction 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 represents a 13.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 41.49% 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.