ProKidney (NASDAQ:PROK) Shares Gap Down After Insider Selling

ProKidney Corp. (NASDAQ:PROK) shares gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $2.84, but opened at $2.77. ProKidney shares last traded at $2.25, with a volume of 344,684 shares.

Specifically, SVP Darin J. Weber sold 17,238 shares of ProKidney stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $2.50, for a total value of $43,095.00. Following the sale, the senior vice president now directly owns 172,432 shares in the company, valued at approximately $431,080. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, SVP Darin J. Weber sold 84,103 shares of ProKidney stock in a transaction on Friday, April 12th. The stock was sold at an average price of $1.73, for a total transaction of $145,498.19. Following the transaction, the senior vice president now owns 189,670 shares in the company, valued at $328,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Darin J. Weber sold 17,238 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $2.50, for a total value of $43,095.00. Following the sale, the senior vice president now owns 172,432 shares of the company’s stock, valued at $431,080. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,641 shares of company stock worth $189,100. 44.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PROK has been the topic of a number of research analyst reports. Bank of America downgraded shares of ProKidney from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 2nd. Morgan Stanley initiated coverage on ProKidney in a report on Thursday, March 7th. They set an “equal weight” rating and a $3.00 price target for the company.

ProKidney Price Performance

The business has a 50-day moving average of $1.56 and a 200-day moving average of $1.80. The firm has a market cap of $561.88 million, a price-to-earnings ratio of -3.95 and a beta of 1.08.

ProKidney (NASDAQ:PROK) last announced its earnings results on Thursday, March 21st. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.10. As a group, equities analysts anticipate that ProKidney Corp. will post -0.65 EPS for the current fiscal year.

Institutional Trading of ProKidney

A number of large investors have recently added to or reduced their stakes in PROK. BlackRock Inc. bought a new position in ProKidney during the third quarter valued at approximately $980,000. Vanguard Group Inc. bought a new stake in ProKidney in the third quarter worth $1,370,000. Bank of America Corp DE boosted its position in ProKidney by 1,964,340.0% during the fourth quarter. Bank of America Corp DE now owns 196,444 shares of the company’s stock valued at $1,348,000 after buying an additional 196,434 shares during the period. Geode Capital Management LLC grew its stake in shares of ProKidney by 29.5% during the fourth quarter. Geode Capital Management LLC now owns 132,808 shares of the company’s stock valued at $911,000 after buying an additional 30,253 shares during the last quarter. Finally, Amundi purchased a new position in shares of ProKidney in the fourth quarter worth about $182,000. Hedge funds and other institutional investors own 51.59% of the company’s stock.

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.