ProKidney (NASDAQ:PROK) Trading Down 7.6% – Time to Sell?

Shares of ProKidney Corp. (NASDAQ:PROK) traded down 7.6% during mid-day trading on Monday . The stock traded as low as $1.7750 and last traded at $1.7650. Approximately 653,636 shares traded hands during trading, a decline of 40% from the average session volume of 1,084,180 shares. The stock had previously closed at $1.91.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded ProKidney from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

ProKidney Stock Down 7.6%

The stock has a market cap of $533.60 million, a price-to-earnings ratio of -3.19 and a beta of 1.70. The firm’s 50 day moving average is $1.67 and its two-hundred day moving average is $1.81.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The company had revenue of $0.15 million during the quarter, compared to analysts’ expectations of $0.19 million. On average, analysts anticipate that ProKidney Corp. will post -0.51 EPS for the current fiscal year.

Insider Activity

In related news, Director Brian Pereira sold 229,338 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $1.37, for a total value of $314,193.06. Following the completion of the transaction, the director directly owned 445,897 shares of the company’s stock, valued at $610,878.89. This represents a 33.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 757,164 shares of company stock worth $1,067,315 in the last three months. Insiders own 39.83% of the company’s stock.

Hedge Funds Weigh In On ProKidney

A number of institutional investors and hedge funds have recently bought and sold shares of PROK. AXQ Capital LP bought a new position in shares of ProKidney in the second quarter valued at approximately $76,000. Hennion & Walsh Asset Management Inc. grew its holdings in shares of ProKidney by 14.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,847,749 shares of the company’s stock worth $3,769,000 after acquiring an additional 236,056 shares during the last quarter. FNY Investment Advisers LLC raised its holdings in ProKidney by 2,000.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 21,000 shares of the company’s stock worth $42,000 after buying an additional 20,000 shares during the period. Bank of America Corp DE raised its holdings in shares of ProKidney by 6.7% during the first quarter. Bank of America Corp DE now owns 753,412 shares of the company’s stock valued at $1,349,000 after acquiring an additional 47,268 shares during the period. Finally, Amundi lifted its holdings in shares of ProKidney by 7.2% in the first quarter. Amundi now owns 291,708 shares of the company’s stock valued at $522,000 after purchasing an additional 19,466 shares in the last quarter. Institutional investors own 51.59% of the company’s stock.

About ProKidney

ProKidney Corporation (NASDAQ: PROK) is a biotechnology company focused on developing cell therapies for chronic kidney disease (CKD). Its lead investigational product, rilparencel, is an autologous cell therapy designed to use a patient’s own kidney cells to support kidney function and potentially delay or reduce the need for dialysis or kidney transplantation.

Rilparencel, formerly known as REACT, is being evaluated as a minimally invasive treatment intended for patients with advanced CKD.