Suvretta Capital Management LLC Acquires 3,000,000 Shares of ProKidney Corp. (NASDAQ:PROK)

Suvretta Capital Management LLC increased its stake in shares of ProKidney Corp. (NASDAQ:PROK - Free Report) by 32.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,341,266 shares of the company's stock after buying an additional 3,000,000 shares during the period. Suvretta Capital Management LLC owned about 4.26% of ProKidney worth $23,695,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Castleview Partners LLC purchased a new stake in shares of ProKidney during the 3rd quarter worth approximately $63,000. The Manufacturers Life Insurance Company purchased a new stake in ProKidney in the second quarter worth $60,000. AQR Capital Management LLC bought a new stake in shares of ProKidney in the second quarter valued at $50,000. Marshall Wace LLP bought a new stake in shares of ProKidney in the second quarter valued at $124,000. Finally, Rhumbline Advisers lifted its position 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 last quarter. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PROK shares. Guggenheim assumed coverage on ProKidney in a research note on Tuesday, September 10th. They issued a "buy" rating and a $6.00 price objective on the stock. Bank of America lowered their price target on shares of ProKidney from $4.00 to $3.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. started coverage on shares of ProKidney in a report on Monday, September 30th. They issued a "neutral" rating for the company. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $4.50.

ProKidney Trading Up 8.1 %

Shares of PROK traded up $0.15 during trading hours on Friday, reaching $2.00. 674,224 shares of the company's stock traded hands, compared to its average volume of 700,804. The firm's 50 day simple moving average is $1.83 and its 200-day simple moving average is $2.35. The stock has a market cap of $583.32 million, a PE ratio of -3.96 and a beta of 1.11. ProKidney Corp. has a 12 month low of $1.18 and a 12 month high of $4.44.

ProKidney (NASDAQ:PROK - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). As a group, analysts expect that ProKidney Corp. will post -0.57 earnings per share for the current fiscal year.

Insider Transactions at ProKidney

In related news, insider Darin J. Weber sold 16,412 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $2.50, for a total transaction of $41,030.00. Following the transaction, the insider now directly owns 103,480 shares of the company's stock, valued at approximately $258,700. This trade represents a 13.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 41.49% of the stock is currently owned by insiders.

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.