ProKidney (NASDAQ:PROK) Shares Down 4.8% - Here's Why

ProKidney Corp. (NASDAQ:PROK - Get Free Report) fell 4.8% during trading on Wednesday . The company traded as low as $1.76 and last traded at $1.76. 188,383 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 684,635 shares. The stock had previously closed at $1.85.

Wall Street Analysts Forecast Growth

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

ProKidney Trading Down 17.0 %

The stock has a market capitalization of $447.70 million, a P/E ratio of -2.79 and a beta of 1.27. The firm's fifty day moving average is $1.85 and its 200-day moving average is $2.17.

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

Insiders Place Their Bets

In other ProKidney news, insider Darin J. Weber sold 16,412 shares of the firm'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 completion of the sale, the insider now owns 103,480 shares in the company, valued at approximately $258,700. This trade represents a 13.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 41.49% of the company's stock.

Institutional Trading of ProKidney

Several hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in ProKidney by 150.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company's stock worth $1,439,000 after buying an additional 450,548 shares in the last quarter. Suvretta Capital Management LLC raised its position in shares of ProKidney by 32.1% during the third quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company's stock worth $23,695,000 after acquiring an additional 3,000,000 shares during the last quarter. Castleview Partners LLC acquired a new position in shares of ProKidney during the third quarter valued at $63,000. The Manufacturers Life Insurance Company bought a new position in ProKidney in the second quarter valued at about $60,000. Finally, AQR Capital Management LLC bought a new position in ProKidney in the second quarter valued at about $50,000. 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.