483,741 Shares in ProKidney Corp. $PROK Bought by Simplify Asset Management Inc.

Simplify Asset Management Inc. bought a new stake in ProKidney Corp. (NASDAQ:PROK) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 483,741 shares of the company’s stock, valued at approximately $803,000.

Several other institutional investors have also recently added to or reduced their stakes in PROK. R Squared Ltd purchased a new stake in ProKidney in the first quarter valued at approximately $25,000. SummitTX Capital L.P. acquired a new position in ProKidney in the 1st quarter valued at about $26,000. Amundi grew its position in ProKidney by 7.2% in the 1st quarter. Amundi now owns 291,708 shares of the company’s stock valued at $522,000 after acquiring an additional 19,466 shares in the last quarter. FNY Investment Advisers LLC increased its stake in ProKidney by 2,000.0% during the second quarter. FNY Investment Advisers LLC now owns 21,000 shares of the company’s stock worth $42,000 after purchasing an additional 20,000 shares during the period. Finally, AXQ Capital LP acquired a new stake in shares of ProKidney during the second quarter worth about $76,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

Wall Street Analysts Forecast Growth

PROK has been the topic of several recent research reports. Citigroup cut their target price on shares of ProKidney to $8.00 and set a “buy” rating on the stock in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of ProKidney in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $10.00.

Insider Buying and Selling at ProKidney

In other ProKidney news, Director Brian Pereira sold 222,948 shares of ProKidney stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $1.42, for a total transaction of $316,586.16. Following the completion of the sale, the director directly owned 54,103 shares of the company’s stock, valued at $76,826.26. The trade was a 80.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 757,164 shares of company stock valued at $1,067,315. 39.83% of the stock is currently owned by company insiders.

ProKidney Stock Performance

Shares of ProKidney stock opened at $1.52 on Thursday. The business has a 50-day simple moving average of $1.67 and a 200-day simple moving average of $1.83. ProKidney Corp. has a one year low of $1.30 and a one year high of $3.27. The company has a market cap of $459.53 million, a PE ratio of -2.76 and a beta of 1.77.

ProKidney (NASDAQ:PROK) last issued its earnings results on Monday, August 10th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). The company had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $0.19 million. On average, sell-side analysts predict that ProKidney Corp. will post -0.51 earnings per share for the current fiscal year.

ProKidney Profile

ProKidney Corporation is a biotechnology company focused on developing cell-based therapies for chronic kidney disease (CKD). The company’s lead investigational product is rilparencel, formerly known as REACT, an autologous cell therapy made from a patient’s own kidney cells.

Rilparencel is designed to be injected into the patient’s kidneys, where the cells are intended to support kidney function and potentially slow the progression of CKD. ProKidney is studying the therapy primarily in patients with diabetic kidney disease and advanced CKD, with the goal of delaying or reducing the need for dialysis or kidney transplantation.

ProKidney’s operations are centered on the development and clinical testing of rilparencel, and the company does not currently have an approved commercial product.