ProKidney (NASDAQ:PROK) Trading Down 7.3% – Here’s What Happened

ProKidney Corp. (NASDAQ:PROK)’s stock price was down 7.3% during trading on Monday . The stock traded as low as $2.36 and last traded at $2.3450. Approximately 316,306 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 4,284,937 shares. The stock had previously closed at $2.53.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PROK shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of ProKidney in a research note on Wednesday, October 8th. HC Wainwright initiated coverage on ProKidney in a research report on Tuesday, December 16th. They issued a “buy” rating and a $12.00 price target on the stock. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $7.40.

ProKidney Stock Performance

The company’s 50-day moving average price is $2.55 and its 200-day moving average price is $2.46. The firm has a market capitalization of $675.36 million, a PE ratio of -4.08 and a beta of 1.79.

ProKidney (NASDAQ:PROK) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.12) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.12). The business had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.04 million. As a group, analysts anticipate that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Buying and Selling at ProKidney

In related news, Director Brian Jg Pereira sold 502,136 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $2.37, for a total transaction of $1,190,062.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 41.49% of the company’s stock.

Hedge Funds Weigh In On ProKidney

Several hedge funds have recently added to or reduced their stakes in the stock. Zullo Investment Group Inc. purchased a new stake in shares of ProKidney during the 3rd quarter worth approximately $28,000. AQR Capital Management LLC increased its stake in ProKidney by 106.4% in the first quarter. AQR Capital Management LLC now owns 52,570 shares of the company’s stock valued at $46,000 after purchasing an additional 27,098 shares during the period. Catalyst Funds Management Pty Ltd purchased a new stake in ProKidney during the 2nd quarter valued at approximately $36,000. Jefferies Financial Group Inc. acquired a new stake in ProKidney during the 3rd quarter worth approximately $158,000. Finally, Virtu Financial LLC purchased a new position in shares of ProKidney in the 3rd quarter valued at approximately $203,000. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

ProKidney Company Profile

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.