ProKidney (NASDAQ:PROK) Trading 8% Higher – What’s Next?

ProKidney Corp. (NASDAQ:PROK) rose 8% during trading on Wednesday . The stock traded as high as $1.7850 and last traded at $1.8250. Approximately 176,161 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 881,986 shares. The stock had previously closed at $1.69.

Analyst Ratings Changes

PROK has been the subject of several recent analyst reports. Jefferies Financial Group raised ProKidney to a “strong-buy” rating in a report on Wednesday, March 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of ProKidney in a report on Tuesday, April 21st. Wall Street Zen downgraded ProKidney from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, HC Wainwright reissued a “buy” rating and issued a $12.00 price objective on shares of ProKidney in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.40.

ProKidney Stock Performance

The company has a market cap of $557.30 million, a price-to-earnings ratio of -3.48 and a beta of 1.70. The firm has a fifty day moving average price of $1.85 and a 200 day moving average price of $2.10.

ProKidney (NASDAQ:PROK) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The company had revenue of $0.23 million during the quarter, compared to analyst estimates of $0.10 million. On average, analysts expect that ProKidney Corp. will post -0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On ProKidney

A number of large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its stake in ProKidney by 6.7% in the 1st quarter. Bank of America Corp DE now owns 753,412 shares of the company’s stock valued at $1,349,000 after acquiring an additional 47,268 shares during the period. Amundi raised its stake in ProKidney by 7.2% in the 1st quarter. Amundi now owns 291,708 shares of the company’s stock valued at $522,000 after acquiring an additional 19,466 shares during the period. SummitTX Capital L.P. bought a new stake in ProKidney in the 1st quarter valued at $26,000. Renaissance Technologies LLC raised its stake in ProKidney by 39.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,250,794 shares of the company’s stock valued at $2,239,000 after acquiring an additional 355,089 shares during the period. Finally, R Squared Ltd bought a new stake in ProKidney in the 1st quarter valued at $25,000. Institutional investors own 51.59% of the company’s stock.

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.