ProKidney (NASDAQ:PROK) Stock Price Down 4.7% – Time to Sell?

ProKidney Corp. (NASDAQ:PROK)’s share price dropped 4.7% during mid-day trading on Monday . The stock traded as low as $2.15 and last traded at $2.1450. Approximately 348,417 shares changed hands during trading, a decline of 59% from the average daily volume of 843,821 shares. The stock had previously closed at $2.25.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PROK. Weiss Ratings restated a “sell (d-)” rating on shares of ProKidney in a research report on Thursday, January 22nd. HC Wainwright started coverage on shares of ProKidney in a research note on Tuesday, December 16th. They issued a “buy” rating and a $12.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.40.

ProKidney Trading Down 5.6%

The firm has a market cap of $639.26 million, a P/E ratio of -3.86 and a beta of 1.75. The stock has a 50 day simple moving average of $2.18 and a 200-day simple moving average of $2.44.

Institutional Investors Weigh In On ProKidney

Hedge funds have recently bought and sold shares of the business. Virtus Investment Advisers LLC bought a new position in ProKidney during the fourth quarter valued at $270,000. Artia Global Partners LP bought a new stake in shares of ProKidney in the 4th quarter worth about $4,118,000. Cetera Investment Advisers purchased a new stake in shares of ProKidney during the 4th quarter valued at about $28,000. Amundi purchased a new stake in shares of ProKidney during the 4th quarter valued at about $610,000. Finally, ExodusPoint Capital Management LP lifted its holdings in shares of ProKidney by 22.8% in the 4th quarter. ExodusPoint Capital Management LP now owns 128,853 shares of the company’s stock valued at $289,000 after acquiring an additional 23,924 shares during the last quarter. Hedge funds and other 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.