ProKidney (NASDAQ:PROK) Shares Gap Up to $2.40

ProKidney Corp. (NASDAQ:PROK)’s share price gapped up before the market opened on Friday . The stock had previously closed at $2.40, but opened at $2.49. ProKidney shares last traded at $2.50, with a volume of 18,675 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PROK shares. Bank of America lifted their price target on shares of ProKidney from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, May 29th. Jefferies Financial Group dropped their price objective on shares of ProKidney from $15.00 to $6.00 and set a “buy” rating on the stock in a report on Monday, June 10th.

ProKidney Stock Performance

The firm’s 50 day moving average is $2.95 and its 200-day moving average is $2.10.

ProKidney (NASDAQ:PROK) last posted its quarterly earnings results on Friday, May 10th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.09. As a group, equities analysts expect that ProKidney Corp. will post -0.56 earnings per share for the current year.

Insider Activity

In related news, SVP Darin J. Weber sold 16,438 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $2.51, for a total value of $41,259.38. Following the transaction, the senior vice president now directly owns 155,194 shares of the company’s stock, valued at approximately $389,536.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other ProKidney news, SVP Darin J. Weber sold 16,438 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $2.51, for a total transaction of $41,259.38. Following the transaction, the senior vice president now directly owns 155,194 shares of the company’s stock, valued at approximately $389,536.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pablo G. Legorreta bought 22,617,909 shares of the stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $2.42 per share, for a total transaction of $54,735,339.78. Following the acquisition, the director now owns 22,617,909 shares of the company’s stock, valued at $54,735,339.78. The disclosure for this purchase can be found here. In the last three months, insiders have sold 51,714 shares of company stock worth $156,717. 41.49% of the stock is currently owned by corporate insiders.

Institutional Trading of ProKidney

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Zullo Investment Group Inc. acquired a new position in shares of ProKidney in the first quarter valued at approximately $32,000. SG Americas Securities LLC grew its stake in ProKidney by 174.2% during the fourth quarter. SG Americas Securities LLC now owns 46,829 shares of the company’s stock worth $83,000 after buying an additional 29,749 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of ProKidney by 10,984.7% during the fourth quarter. Federated Hermes Inc. now owns 113,286 shares of the company’s stock worth $202,000 after purchasing an additional 112,264 shares in the last quarter. Institutional investors and hedge funds own 51.59% of the company’s stock.

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.