JPMorgan Chase & Co. Initiates Coverage on ProKidney (NASDAQ:PROK)

Investment analysts at JPMorgan Chase & Co. initiated coverage on shares of ProKidney (NASDAQ:PROK) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage set a “neutral” rating on the stock.

Several other research firms have also recently weighed in on PROK. Guggenheim assumed coverage on ProKidney in a research report on Tuesday, September 10th. They set a “buy” rating and a $6.00 price objective on the stock. Jefferies Financial Group decreased their price objective on ProKidney from $15.00 to $6.00 and set a “buy” rating for the company in a report on Monday, June 10th. Finally, Bank of America dropped their target price on shares of ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.50.

ProKidney Price Performance

PROK opened at $1.71 on Monday. The firm has a market capitalization of $391.03 million, a price-to-earnings ratio of -3.00 and a beta of 1.10. ProKidney has a one year low of $1.12 and a one year high of $4.85. The business has a 50 day simple moving average of $2.26 and a two-hundred day simple moving average of $2.40.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.01. As a group, sell-side analysts expect that ProKidney will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at ProKidney

In related news, insider Darin J. Weber sold 16,412 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $258,700. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 41.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProKidney

Hedge funds have recently bought and sold shares of the business. Rhumbline Advisers lifted its holdings in shares of ProKidney by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock valued at $187,000 after buying an additional 6,181 shares during the period. Bank of New York Mellon Corp boosted its position in ProKidney by 44.6% in the second quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock worth $441,000 after purchasing an additional 55,266 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of ProKidney during the 2nd quarter valued at about $60,000. AQR Capital Management LLC bought a new position in shares of ProKidney in the 2nd quarter worth approximately $50,000. Finally, Marshall Wace LLP purchased a new position in shares of ProKidney in the second quarter worth approximately $124,000. Hedge funds and other institutional investors own 51.59% of the company’s stock.

ProKidney Company Profile

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.