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

Shares of ProKidney Corp. (NASDAQ:PROK) gapped down prior to trading on Tuesday . The stock had previously closed at $1.83, but opened at $1.77. ProKidney shares last traded at $1.77, with a volume of 25,112 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PROK. Bank of America reduced their price target on shares of ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Guggenheim began coverage on shares of ProKidney in a research note on Tuesday, September 10th. They issued a “buy” rating and a $6.00 price target on the stock. Finally, JPMorgan Chase & Co. assumed coverage on shares of ProKidney in a research note on Monday, September 30th. They issued a “neutral” rating on the stock. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, ProKidney presently has a consensus rating of “Hold” and a consensus target price of $4.50.

ProKidney Stock Performance

The firm has a market cap of $529.36 million, a P/E ratio of -3.33 and a beta of 1.11. The stock’s 50 day simple moving average is $1.86 and its 200 day simple moving average is $2.36.

ProKidney (NASDAQ:PROK) last issued its earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.14). As a group, analysts forecast that ProKidney Corp. will post -0.6 EPS for the current fiscal year.

Insider Buying and Selling at ProKidney

In other news, insider Darin J. Weber sold 16,412 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $2.50, for a total value of $41,030.00. Following the transaction, the insider now owns 103,480 shares of the company’s stock, valued at approximately $258,700. This represents a 13.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 41.49% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PROK. Suvretta Capital Management LLC boosted its holdings in shares of ProKidney by 32.1% during the third quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock worth $23,695,000 after purchasing an additional 3,000,000 shares during the period. Geode Capital Management LLC boosted its holdings in shares of ProKidney by 102.0% during the third quarter. Geode Capital Management LLC now owns 2,203,934 shares of the company’s stock worth $4,232,000 after purchasing an additional 1,112,933 shares during the period. Charles Schwab Investment Management Inc. raised its stake in ProKidney by 150.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company’s stock worth $1,439,000 after buying an additional 450,548 shares in the last quarter. State Street Corp raised its stake in ProKidney by 16.2% in the third quarter. State Street Corp now owns 1,428,318 shares of the company’s stock worth $2,742,000 after buying an additional 198,836 shares in the last quarter. Finally, Barclays PLC raised its stake in ProKidney by 575.7% in the third quarter. Barclays PLC now owns 146,321 shares of the company’s stock worth $281,000 after buying an additional 124,667 shares in the last quarter. 51.59% of the stock is currently owned by hedge funds and other 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.