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

ProKidney Corp. (NASDAQ:PROK)’s share price gapped down prior to trading on Friday . The stock had previously closed at $5.18, but opened at $4.81. ProKidney shares last traded at $5.17, with a volume of 3,889,333 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Citigroup restated a “buy” rating and issued a $9.00 price target (up from $6.00) on shares of ProKidney in a research note on Wednesday. Wall Street Zen upgraded ProKidney from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Finally, Bank of America cut ProKidney from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $3.00 to $1.00 in a research report on Monday, June 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.33.

ProKidney Price Performance

The stock has a 50-day moving average price of $1.05 and a 200 day moving average price of $1.18. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -7.57 and a beta of 1.26.

ProKidney (NASDAQ:PROK) last posted its earnings results on Monday, May 12th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The firm had revenue of $0.23 million for the quarter. As a group, equities research analysts predict that ProKidney Corp. will post -0.57 earnings per share for the current year.

Insider Activity

In related news, insider Darin J. Weber sold 103,480 shares of the business’s stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $3.02, for a total value of $312,509.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Control Empresarial De Capital purchased 387,393 shares of the company’s stock in a transaction that occurred on Tuesday, April 22nd. The stock was bought at an average price of $0.71 per share, for a total transaction of $275,049.03. Following the transaction, the insider directly owned 73,842,723 shares in the company, valued at $52,428,333.33. This trade represents a 0.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 755,498 shares of company stock worth $545,766 in the last 90 days. 41.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ProKidney

Institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new position in ProKidney during the 4th quarter worth approximately $110,000. Bank of America Corp DE increased its position in ProKidney by 3.2% during the 4th quarter. Bank of America Corp DE now owns 539,232 shares of the company’s stock worth $911,000 after purchasing an additional 16,538 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in ProKidney by 48.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 844,277 shares of the company’s stock worth $740,000 after purchasing an additional 275,630 shares during the period. Barclays PLC raised its position in ProKidney by 17.4% in the fourth quarter. Barclays PLC now owns 171,797 shares of the company’s stock worth $290,000 after acquiring an additional 25,476 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in ProKidney by 17.3% in the fourth quarter. Nuveen Asset Management LLC now owns 266,366 shares of the company’s stock valued at $450,000 after acquiring an additional 39,216 shares during the period. Institutional investors and hedge funds 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.