Guggenheim Forecasts Strong Price Appreciation for ProKidney (NASDAQ:PROK) Stock

ProKidney (NASDAQ:PROK) had its price target increased by analysts at Guggenheim from $6.00 to $7.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 107.72% from the company’s current price.

A number of other analysts also recently commented on the company. Citigroup reiterated a “buy” rating and set a $9.00 target price (up from $6.00) on shares of ProKidney in a research report on Wednesday, July 9th. Bank of America cut ProKidney from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $3.00 to $1.00 in a report on Monday, June 30th. Finally, Wall Street Zen upgraded ProKidney from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $6.25.

ProKidney Stock Performance

Shares of ProKidney stock opened at $3.37 on Monday. The company has a market capitalization of $986.40 million, a PE ratio of -5.62 and a beta of 1.26. The company has a 50-day simple moving average of $1.16 and a two-hundred day simple moving average of $1.20. ProKidney has a one year low of $0.46 and a one year high of $7.13.

ProKidney (NASDAQ:PROK) last announced its earnings results on Monday, May 12th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.03. The business had revenue of $0.23 million for the quarter. On average, equities analysts predict that ProKidney will post -0.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ProKidney news, insider Darin J. Weber sold 103,480 shares of ProKidney stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Control Empresarial De Capital bought 387,393 shares of the stock in a transaction on Tuesday, April 22nd. The stock was acquired at an average price of $0.71 per share, with a total value of $275,049.03. Following the completion of the acquisition, the insider owned 73,842,723 shares of the company’s stock, valued at $52,428,333.33. This represents a 0.53% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 41.49% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PROK. Bank of New York Mellon Corp increased its stake in shares of ProKidney by 4.3% during the first quarter. Bank of New York Mellon Corp now owns 239,673 shares of the company’s stock valued at $210,000 after buying an additional 9,903 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of ProKidney by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 759,787 shares of the company’s stock valued at $1,284,000 after buying an additional 10,069 shares during the period. ProShare Advisors LLC increased its stake in shares of ProKidney by 57.3% during the fourth quarter. ProShare Advisors LLC now owns 30,879 shares of the company’s stock valued at $52,000 after buying an additional 11,250 shares during the period. Bank of America Corp DE increased its stake in shares of ProKidney by 3.2% during the fourth quarter. Bank of America Corp DE now owns 539,232 shares of the company’s stock valued at $911,000 after buying an additional 16,538 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of ProKidney by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 54,098 shares of the company’s stock valued at $91,000 after buying an additional 18,431 shares during the period. Institutional investors own 51.59% of the company’s stock.

About ProKidney

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.