ProKidney (NASDAQ:PROK) Shares Down 2.5% – Here’s Why

ProKidney Corp. (NASDAQ:PROK)’s share price traded down 2.5% during trading on Thursday . The company traded as low as $1.73 and last traded at $1.74. 127,838 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 684,749 shares. The stock had previously closed at $1.78.

Wall Street Analyst Weigh In

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

ProKidney Stock Performance

The firm’s 50-day simple moving average is $1.83 and its 200 day simple moving average is $2.11. The company has a market cap of $506.03 million, a P/E ratio of -3.15 and a beta of 1.27.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in ProKidney by 150.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company’s stock valued at $1,439,000 after purchasing an additional 450,548 shares in the last quarter. Suvretta Capital Management LLC grew its holdings in shares of ProKidney by 32.1% in the 3rd quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock valued at $23,695,000 after buying an additional 3,000,000 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of ProKidney by 54.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 37,981 shares of the company’s stock valued at $73,000 after buying an additional 13,415 shares in the last quarter. Castleview Partners LLC bought a new stake in shares of ProKidney during the third quarter worth $63,000. Finally, AQR Capital Management LLC bought a new stake in shares of ProKidney in the second quarter valued at about $50,000. Institutional investors 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.