ProKidney (NASDAQ:PROK) Trading Down 8.8% – Here’s What Happened

Shares of ProKidney Corp. (NASDAQ:PROK) fell 8.8% during mid-day trading on Tuesday . The company traded as low as $1.95 and last traded at $1.96. 224,736 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 713,049 shares. The stock had previously closed at $2.15.

Analyst Ratings Changes

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

ProKidney Stock Down 4.7 %

The stock’s fifty day moving average price is $1.97 and its 200 day moving average price is $2.39. The stock has a market cap of $593.83 million, a PE ratio of -3.64 and a beta of 1.11.

ProKidney (NASDAQ:PROK) last issued its earnings results on Friday, August 9th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.01. On average, equities research analysts expect that ProKidney Corp. will post -0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 transaction of $41,030.00. Following the sale, the insider now directly owns 103,480 shares in the company, valued at $258,700. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 41.49% of the company’s stock.

Hedge Funds Weigh In On ProKidney

A number of large investors have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in shares of ProKidney by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock worth $187,000 after acquiring an additional 6,181 shares in the last quarter. AQR Capital Management LLC purchased a new stake in ProKidney during the 2nd quarter worth approximately $50,000. Intech Investment Management LLC purchased a new stake in ProKidney during the 3rd quarter worth approximately $46,000. The Manufacturers Life Insurance Company purchased a new stake in ProKidney during the 2nd quarter worth approximately $60,000. Finally, Castleview Partners LLC purchased a new stake in ProKidney during the 3rd quarter worth approximately $63,000. 51.59% of the stock is owned by hedge funds and other institutional investors.

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.