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

ProKidney Corp. (NASDAQ:PROK) shares gapped down prior to trading 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 the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $2.50, for a total transaction of $43,095.00. Following the completion of the sale, the senior vice president now directly owns 172,432 shares of the company’s stock, valued at approximately $431,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Darin J. Weber sold 17,238 shares of the company’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 completion of the sale, the senior vice president now directly owns 172,432 shares of the company’s stock, valued at approximately $431,080. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Darin J. Weber sold 84,103 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $1.73, for a total value of $145,498.19. Following the completion of the sale, the senior vice president now directly owns 189,670 shares of the company’s stock, valued at $328,129.10. The disclosure for this sale can be found here. In the last three months, insiders sold 101,641 shares of company stock valued at $189,100. 44.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PROK shares. Morgan Stanley started coverage on ProKidney in a research note on Thursday, March 7th. They issued an “equal weight” rating and a $3.00 price target for the company. Bank of America lowered ProKidney from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 2nd.

ProKidney Stock Performance

The company has a 50-day moving average of $1.59 and a 200-day moving average of $1.81. The firm has a market capitalization of $550.43 million, a price-to-earnings ratio of -4.21 and a beta of 1.08.

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

Hedge Funds Weigh In On ProKidney

A number of large investors have recently bought and sold shares of the company. Barclays PLC boosted its position in ProKidney by 355.2% during the 4th quarter. Barclays PLC now owns 61,815 shares of the company’s stock worth $110,000 after acquiring an additional 48,234 shares during the last quarter. Federated Hermes Inc. boosted its position in ProKidney by 10,984.7% during the 4th quarter. Federated Hermes Inc. now owns 113,286 shares of the company’s stock worth $202,000 after acquiring an additional 112,264 shares during the last quarter. SG Americas Securities LLC boosted its position in ProKidney by 174.2% during the 4th quarter. SG Americas Securities LLC now owns 46,829 shares of the company’s stock worth $83,000 after acquiring an additional 29,749 shares during the last quarter. Vanguard Group Inc. boosted its position in ProKidney by 7.5% during the 3rd quarter. Vanguard Group Inc. now owns 3,291,859 shares of the company’s stock worth $15,077,000 after acquiring an additional 229,078 shares during the last quarter. Finally, Tudor Investment Corp Et Al acquired a new position in ProKidney during the 3rd quarter worth approximately $141,000. Institutional investors and hedge funds 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.