ProKidney (NASDAQ:PROK) Shares Gap Down After Analyst Downgrade

Shares of ProKidney Corp. (NASDAQ:PROK - Get Free Report) gapped down before the market opened on Wednesday after Bank of America lowered their price target on the stock from $4.00 to $3.00. The stock had previously closed at $2.40, but opened at $2.31. Bank of America currently has a neutral rating on the stock. ProKidney shares last traded at $2.38, with a volume of 43,155 shares changing hands.

Separately, Jefferies Financial Group decreased their target price on ProKidney from $15.00 to $6.00 and set a "buy" rating on the stock in a report on Monday, June 10th.

Insiders Place Their Bets

In other news, insider Control Empresarial De Capital bought 8,264,462 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were bought at an average price of $2.42 per share, for a total transaction of $19,999,998.04. Following the purchase, the insider now owns 71,560,107 shares in the company, valued at $173,175,458.94. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other ProKidney news, insider Control Empresarial De Capital acquired 8,264,462 shares of the company's stock in a transaction dated Tuesday, June 11th. The stock was purchased at an average price of $2.42 per share, with a total value of $19,999,998.04. Following the completion of the purchase, the insider now directly owns 71,560,107 shares in the company, valued at approximately $173,175,458.94. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Pablo G. Legorreta bought 22,617,909 shares of the firm's stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average cost of $2.42 per share, for a total transaction of $54,735,339.78. Following the purchase, the director now directly owns 22,617,909 shares in the company, valued at approximately $54,735,339.78. The disclosure for this purchase can be found here. 41.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On ProKidney

Several hedge funds have recently modified their holdings of the stock. Zullo Investment Group Inc. purchased a new stake in shares of ProKidney in the first quarter worth about $32,000. AQR Capital Management LLC bought a new stake in ProKidney in the 2nd quarter worth approximately $50,000. The Manufacturers Life Insurance Company purchased a new stake in shares of ProKidney during the 2nd quarter worth approximately $60,000. Susquehanna Fundamental Investments LLC bought a new position in shares of ProKidney during the 2nd quarter valued at approximately $106,000. Finally, Marshall Wace LLP purchased a new position in shares of ProKidney in the second quarter valued at $124,000. Hedge funds and other institutional investors own 51.59% of the company's stock.

ProKidney Price Performance

The company has a market cap of $499.97 million, a P/E ratio of -3.82 and a beta of 1.10. The firm's 50-day moving average is $2.28 and its two-hundred day moving average is $2.31.

ProKidney (NASDAQ:PROK - Get Free Report) last posted its earnings results on Friday, August 9th. The company reported ($0.16) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.01. As a group, sell-side analysts expect that ProKidney Corp. will post -0.51 EPS for the current year.

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.