ProKidney (NASDAQ:PROK) Shares Down 2.5% – What’s Next?

ProKidney Corp. (NASDAQ:PROK) was down 2.5% during trading on Thursday . The company traded as low as $1.73 and last traded at $1.74. Approximately 127,838 shares traded 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.

Analysts Set New Price Targets

A number of analysts have issued reports on PROK shares. 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. JPMorgan Chase & Co. started coverage on shares of ProKidney in a report on Monday, September 30th. They set a “neutral” rating for the company. Finally, Guggenheim started coverage on shares of ProKidney in a report on Tuesday, September 10th. They issued a “buy” rating and a $6.00 target price on the stock. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, ProKidney currently has an average rating of “Hold” and an average price target of $4.50.

ProKidney Price Performance

The firm’s 50 day moving average price is $1.83 and its 200-day moving average price is $2.11. The firm has a market cap of $506.03 million, a price-to-earnings ratio of -3.15 and a beta of 1.27.

ProKidney (NASDAQ:PROK) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.14). Analysts expect that ProKidney Corp. will post -0.57 EPS for the current year.

Institutional Trading of ProKidney

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in ProKidney by 44.6% during the second quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock worth $441,000 after buying an additional 55,266 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of ProKidney by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock worth $187,000 after acquiring an additional 6,181 shares during the period. Marshall Wace LLP acquired a new stake in shares of ProKidney during the 2nd quarter valued at about $124,000. AQR Capital Management LLC bought a new stake in ProKidney in the second quarter valued at about $50,000. Finally, The Manufacturers Life Insurance Company acquired a new position in ProKidney in the second quarter worth about $60,000. 51.59% of the stock is currently 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.