ProKidney (NASDAQ:PROK) Shares Down 6% – What’s Next?

Shares of ProKidney Corp. (NASDAQ:PROK) fell 6% during trading on Tuesday. The stock traded as low as $1.53 and last traded at $1.57. 1,593,942 shares were traded during mid-day trading, a decline of 5% from the average session volume of 1,677,240 shares. The stock had previously closed at $1.67.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProKidney in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

ProKidney Stock Down 1.0%

The business has a fifty day moving average of $1.69 and a 200 day moving average of $1.75. The firm has a market cap of $439.88 million, a P/E ratio of -2.65 and a beta of 1.77.

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

Insiders Place Their Bets

In other news, Director Brian Pereira sold 229,338 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $1.37, for a total value of $314,193.06. Following the sale, the director owned 445,897 shares of the company’s stock, valued at $610,878.89. The trade was a 33.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 757,164 shares of company stock worth $1,067,315. Corporate insiders own 39.83% of the company’s stock.

Hedge Funds Weigh In On ProKidney

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. grew its position in shares of ProKidney by 14.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,847,749 shares of the company’s stock valued at $3,769,000 after purchasing an additional 236,056 shares during the last quarter. Artia Global Partners LP acquired a new stake in ProKidney in the 4th quarter worth about $4,118,000. Renaissance Technologies LLC raised its stake in ProKidney by 39.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,250,794 shares of the company’s stock worth $2,239,000 after purchasing an additional 355,089 shares in the last quarter. Bank of America Corp DE grew its position in shares of ProKidney by 6.7% during the 1st quarter. Bank of America Corp DE now owns 753,412 shares of the company’s stock worth $1,349,000 after purchasing an additional 47,268 shares in the last quarter. Finally, Amundi raised its position in shares of ProKidney by 7.2% in the first quarter. Amundi now owns 291,708 shares of the company’s stock valued at $522,000 after buying an additional 19,466 shares in the last quarter. 51.59% of the stock is owned by institutional investors.

ProKidney Company Profile

ProKidney Corp. (NASDAQ: PROK) is a clinical-stage biotechnology company focused on developing cell therapies for chronic kidney disease. The company’s approach is designed to support kidney function and potentially delay or reduce the need for dialysis or kidney transplantation in patients with progressive kidney disease.

Its lead product candidate, rilparencel, is an autologous renal cell therapy made from a patient’s own kidney cells. The cells are processed and administered back into the patient’s kidneys, where they are intended to promote the production of proteins and other factors associated with kidney health.