ProKidney (NASDAQ:PROK) Trading Up 10.8% – Here’s What Happened
by Doug Wharley · The Cerbat GemProKidney Corp. (NASDAQ:PROK – Get Free Report)’s share price shot up 10.8% on Thursday . The company traded as high as $1.97 and last traded at $2.0950. 116,901 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 987,148 shares. The stock had previously closed at $1.89.
Analysts Set New Price Targets
Several research analysts have issued reports on PROK shares. Jefferies Financial Group raised ProKidney to a “strong-buy” rating in a report on Wednesday, March 18th. HC Wainwright reissued a “buy” rating and issued a $12.00 target price on shares of ProKidney in a research note on Monday, May 18th. Wall Street Zen downgraded ProKidney from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings lowered ProKidney from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.00.
Check Out Our Latest Analysis on ProKidney
ProKidney Price Performance
The company’s fifty day moving average is $1.80 and its two-hundred day moving average is $2.01. The firm has a market capitalization of $613.18 million, a price-to-earnings ratio of -3.83 and a beta of 1.61.
ProKidney (NASDAQ:PROK – Get Free Report) last released its earnings results on Friday, May 15th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The business had revenue of $0.23 million for the quarter, compared to analysts’ expectations of $0.10 million. On average, equities research analysts expect that ProKidney Corp. will post -0.49 EPS for the current year.
Institutional Investors Weigh In On ProKidney
A number of institutional investors have recently made changes to their positions in the stock. Millennium Management LLC acquired a new position in ProKidney in the third quarter valued at about $4,734,000. Artia Global Partners LP acquired a new position in shares of ProKidney during the 4th quarter worth about $4,118,000. JPMorgan Chase & Co. grew its position in shares of ProKidney by 3,024.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company’s stock worth $988,000 after buying an additional 1,615,243 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in shares of ProKidney by 63.5% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 1,503,886 shares of the company’s stock valued at $3,369,000 after acquiring an additional 583,983 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of ProKidney by 39.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,250,794 shares of the company’s stock valued at $2,239,000 after acquiring an additional 355,089 shares during the last quarter. 51.59% of the stock is owned by institutional investors and hedge funds.
About ProKidney
ProKidney, Inc (NASDAQ: PROK) is a clinical-stage biotechnology company focused on developing cell-based therapies for kidney diseases. The company’s research and development activities center on harnessing human-derived proximal tubule cells to address conditions such as acute kidney injury (AKI) and chronic kidney disease (CKD). By targeting the underlying cellular mechanisms of renal injury and dysfunction, ProKidney aims to offer novel regenerative medicine approaches that go beyond current supportive care options.
ProKidney’s lead programs utilize proprietary methods for isolating and expanding renal epithelial cells to create injectable therapeutic products.