ProKidney (NASDAQ:PROK) Shares Gap Up - Time to Buy?

ProKidney Corp. (NASDAQ:PROK - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $1.75, but opened at $1.79. ProKidney shares last traded at $1.75, with a volume of 18,913 shares traded.

Wall Street Analysts Forecast Growth

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

ProKidney Stock Down 3.2 %

The firm has a market capitalization of $492.91 million, a P/E ratio of -3.07 and a beta of 1.27. The business's 50 day moving average is $1.82 and its two-hundred day moving average is $2.08.

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

Institutional Investors Weigh In On ProKidney

A number of institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in shares of ProKidney by 8.8% in the 2nd quarter. Rhumbline Advisers now owns 76,190 shares of the company's stock worth $187,000 after buying an additional 6,181 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in ProKidney by 54.6% during the third quarter. The Manufacturers Life Insurance Company now owns 37,981 shares of the company's stock worth $73,000 after acquiring an additional 13,415 shares during the period. JPMorgan Chase & Co. raised its position in ProKidney by 65.1% in the third quarter. JPMorgan Chase & Co. now owns 46,830 shares of the company's stock worth $90,000 after acquiring an additional 18,472 shares in the last quarter. AQR Capital Management LLC acquired a new stake in ProKidney in the 2nd quarter valued at about $50,000. Finally, XTX Topco Ltd bought a new position in shares of ProKidney during the 3rd quarter valued at about $41,000. 51.59% of the stock is currently owned by institutional investors and hedge funds.

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.