ProKidney (NASDAQ:PROK) Shares Down 4.8% – Here’s What Happened

ProKidney Corp. (NASDAQ:PROK)’s share price was down 4.8% during mid-day trading on Wednesday . The stock traded as low as $1.76 and last traded at $1.76. Approximately 188,383 shares changed hands during trading, a decline of 72% from the average daily volume of 684,635 shares. The stock had previously closed at $1.85.

Wall Street Analyst Weigh In

PROK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. started coverage on shares of ProKidney in a research report on Monday, September 30th. They set a “neutral” rating for the company. Guggenheim started coverage on shares of ProKidney in a research note on Tuesday, September 10th. They issued a “buy” rating and a $6.00 price target on the stock. Finally, Bank of America cut their price objective on shares of ProKidney from $4.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $4.50.

ProKidney Trading Up 3.4 %

The stock’s 50-day simple moving average is $1.84 and its 200-day simple moving average is $2.16. The stock has a market cap of $440.41 million, a price-to-earnings ratio of -2.75 and a beta of 1.27.

ProKidney (NASDAQ:PROK) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.14) earnings per share for the quarter, meeting the consensus estimate of ($0.14). On average, equities research analysts forecast that ProKidney Corp. will post -0.57 earnings per share for the current year.

Hedge Funds Weigh In On ProKidney

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Suvretta Capital Management LLC increased its stake in ProKidney by 32.1% in the third quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock valued at $23,695,000 after acquiring an additional 3,000,000 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of ProKidney by 102.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,203,934 shares of the company’s stock valued at $4,232,000 after purchasing an additional 1,112,933 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake 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 purchasing an additional 450,548 shares during the last quarter. State Street Corp raised its holdings in shares of ProKidney by 16.2% during the 3rd quarter. State Street Corp now owns 1,428,318 shares of the company’s stock worth $2,742,000 after buying an additional 198,836 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of ProKidney by 575.7% during the 3rd quarter. Barclays PLC now owns 146,321 shares of the company’s stock worth $281,000 after buying an additional 124,667 shares during the last quarter. 51.59% of the stock is currently owned by institutional investors and hedge funds.

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.