ProKidney (NASDAQ:PROK) Stock Price Up 9% – Here’s Why

Shares of ProKidney Corp. (NASDAQ:PROK) rose 9% during mid-day trading on Wednesday . The company traded as high as $2.43 and last traded at $2.41. Approximately 307,101 shares were traded during trading, a decline of 65% from the average daily volume of 887,243 shares. The stock had previously closed at $2.21.

Analysts Set New Price Targets

PROK has been the topic of a number of recent research reports. HC Wainwright initiated coverage on ProKidney in a report on Tuesday, December 16th. They issued a “buy” rating and a $12.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of ProKidney in a research report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, ProKidney has an average rating of “Hold” and an average target price of $7.40.

ProKidney Stock Performance

The company has a market cap of $749.07 million, a PE ratio of -4.53 and a beta of 1.75. The company’s 50 day moving average price is $2.17 and its 200-day moving average price is $2.44.

Institutional Investors Weigh In On ProKidney

Several institutional investors have recently added to or reduced their stakes in PROK. Zullo Investment Group Inc. bought a new stake in ProKidney during the 3rd quarter valued at $28,000. Cetera Investment Advisers purchased a new position in ProKidney during the 4th quarter valued at about $28,000. EntryPoint Capital LLC bought a new stake in shares of ProKidney during the fourth quarter valued at about $65,000. Hudson Bay Capital Management LP purchased a new stake in shares of ProKidney in the fourth quarter worth about $101,000. Finally, AQR Capital Management LLC boosted its position in shares of ProKidney by 106.4% in the first quarter. AQR Capital Management LLC now owns 52,570 shares of the company’s stock valued at $46,000 after acquiring an additional 27,098 shares during the period. 51.59% of the stock is owned by hedge funds and other institutional investors.

ProKidney Company Profile

ProKidney, Inc (NASDAQ: PROK) is a clinical-stage biotechnology company focused on developing cell-based therapies for kidney diseases. The company’s research and development activities center on harnessing human-derived proximal tubule cells to address conditions such as acute kidney injury (AKI) and chronic kidney disease (CKD). By targeting the underlying cellular mechanisms of renal injury and dysfunction, ProKidney aims to offer novel regenerative medicine approaches that go beyond current supportive care options.

ProKidney’s lead programs utilize proprietary methods for isolating and expanding renal epithelial cells to create injectable therapeutic products.