ProKidney (NASDAQ:PROK) Stock Price Down 2.5% - Here's What Happened

ProKidney Corp. (NASDAQ:PROK - Get Free Report) dropped 2.5% on Thursday . The company traded as low as $1.73 and last traded at $1.74. Approximately 127,838 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 684,749 shares. The stock had previously closed at $1.78.

Analyst Upgrades and Downgrades

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

ProKidney Price Performance

The business has a 50-day moving average of $1.83 and a 200-day moving average of $2.11. The firm has a market cap of $524.99 million, a price-to-earnings ratio of -3.27 and a beta of 1.27.

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

Institutional Investors Weigh In On ProKidney

A number of institutional investors and hedge funds have recently modified their holdings of PROK. JPMorgan Chase & Co. raised its stake in ProKidney by 65.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 46,830 shares of the company's stock valued at $90,000 after acquiring an additional 18,472 shares during the period. Barclays PLC raised its position in shares of ProKidney by 575.7% in the third quarter. Barclays PLC now owns 146,321 shares of the company's stock valued at $281,000 after purchasing an additional 124,667 shares during the period. Geode Capital Management LLC lifted its stake in shares of ProKidney by 102.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,203,934 shares of the company's stock worth $4,232,000 after buying an additional 1,112,933 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of ProKidney during the 3rd quarter worth about $41,000. Finally, State Street Corp grew its stake in ProKidney by 16.2% in the 3rd quarter. State Street Corp now owns 1,428,318 shares of the company's stock valued at $2,742,000 after buying an additional 198,836 shares during the last quarter. 51.59% of the stock is owned by institutional investors.

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.