ProKidney (NASDAQ:PROK) Shares Up 6.9% – Here’s Why

ProKidney Corp. (NASDAQ:PROK) shares rose 6.9% on Wednesday . The company traded as high as $2.41 and last traded at $2.4050. Approximately 297,575 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 1,098,627 shares. The stock had previously closed at $2.25.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PROK. Weiss Ratings reissued a “sell (d-)” rating on shares of ProKidney in a report on Wednesday, October 8th. HC Wainwright started coverage on ProKidney in a report on Tuesday, December 16th. They issued a “buy” rating and a $12.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.40.

ProKidney Stock Performance

The firm has a market cap of $709.96 million, a price-to-earnings ratio of -4.29 and a beta of 1.79. The business has a fifty day moving average of $2.38 and a two-hundred day moving average of $2.53.

ProKidney (NASDAQ:PROK) last posted its earnings results on Monday, November 10th. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). The firm had revenue of $0.22 million for the quarter, compared to analysts’ expectations of $0.04 million. On average, equities research analysts forecast that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insiders Place Their Bets

In other ProKidney news, Director Brian Jg Pereira sold 502,136 shares of the firm’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $2.37, for a total transaction of $1,190,062.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 41.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PROK. Millennium Management LLC acquired a new position in shares of ProKidney during the 3rd quarter worth approximately $4,734,000. JPMorgan Chase & Co. increased its position in ProKidney by 3,024.9% during the second quarter. JPMorgan Chase & Co. now owns 1,668,642 shares of the company’s stock worth $988,000 after buying an additional 1,615,243 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of ProKidney by 12.4% in the second quarter. Bank of America Corp DE now owns 846,154 shares of the company’s stock worth $501,000 after acquiring an additional 93,322 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of ProKidney in the second quarter valued at $350,000. Finally, UBS Group AG increased its position in ProKidney by 7.0% during the 3rd quarter. UBS Group AG now owns 508,353 shares of the company’s stock worth $1,230,000 after purchasing an additional 33,306 shares in the last quarter. 51.59% of the stock is 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.