ProKidney (NASDAQ:PROK) Trading Up 7.8% – Here’s What Happened

ProKidney Corp. (NASDAQ:PROK) shares rose 7.8% during trading on Wednesday . The company traded as high as $2.23 and last traded at $2.21. Approximately 47,678 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 711,765 shares. The stock had previously closed at $2.05.

Wall Street Analyst Weigh In

PROK has been the topic of a number of recent research reports. Guggenheim initiated coverage on ProKidney in a research note on Tuesday, September 10th. They issued a “buy” rating and a $6.00 target price on the stock. Bank of America decreased their target price on ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. started coverage on ProKidney in a research report on Monday, September 30th. They issued a “neutral” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, ProKidney has an average rating of “Hold” and a consensus price target of $4.50.

ProKidney Trading Up 1.5 %

The firm has a fifty day moving average price of $1.96 and a 200-day moving average price of $2.39.

ProKidney (NASDAQ:PROK) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.14) EPS for the quarter, meeting the consensus estimate of ($0.14). Research analysts expect that ProKidney Corp. will post -0.52 EPS for the current fiscal year.

Insider Transactions at ProKidney

In other news, insider Darin J. Weber sold 16,412 shares of ProKidney stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $2.50, for a total transaction of $41,030.00. Following the sale, the insider now directly owns 103,480 shares of the company’s stock, valued at approximately $258,700. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 41.49% of the company’s stock.

Institutional Trading of ProKidney

Hedge funds and other institutional investors have recently bought and sold shares of the company. Castleview Partners LLC bought a new stake in ProKidney in the third quarter valued at about $63,000. The Manufacturers Life Insurance Company bought a new stake in ProKidney in the second quarter valued at about $60,000. AQR Capital Management LLC bought a new stake in ProKidney in the second quarter valued at about $50,000. Marshall Wace LLP acquired a new position in ProKidney in the second quarter valued at approximately $124,000. Finally, Rhumbline Advisers boosted its position in shares of ProKidney by 8.8% during the second quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock worth $187,000 after buying an additional 6,181 shares during the period. 51.59% of the stock is owned by institutional investors.

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.