ProKidney (NASDAQ:PROK) Stock Gets Price Target Trim from Citigroup

ProKidney (NASDAQ:PROK) had its price objective reduced by Citigroup to $8.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ProKidney in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, ProKidney currently has an average rating of “Moderate Buy” and a consensus price target of $10.00.

ProKidney Price Performance

Shares of PROK opened at $1.29 on Wednesday. ProKidney has a 12-month low of $1.29 and a 12-month high of $3.13. The firm has a 50-day moving average price of $1.67 and a 200 day moving average price of $1.82.

ProKidney (NASDAQ:PROK) last issued its earnings results on Monday, August 10th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The business had revenue of $0.15 million for the quarter, compared to the consensus estimate of $0.19 million. On average, sell-side analysts anticipate that ProKidney will post -0.51 earnings per share for the current year.

Insider Buying and Selling at ProKidney

In other news, Director Brian Pereira sold 222,948 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $1.42, for a total value of $316,586.16. Following the sale, the director directly owned 54,103 shares of the company’s stock, valued at approximately $76,826.26. The trade was a 80.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 757,164 shares of company stock worth $1,067,315 in the last ninety days. 39.83% of the stock is owned by company insiders.

Institutional Trading of ProKidney

Several institutional investors have recently added to or reduced their stakes in PROK. Hennion & Walsh Asset Management Inc. lifted its stake in ProKidney by 14.6% during 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 in the last quarter. Renaissance Technologies LLC grew its position in ProKidney by 39.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,250,794 shares of the company’s stock valued at $2,239,000 after acquiring an additional 355,089 shares in the last quarter. Bank of America Corp DE grew its position in ProKidney by 6.7% in the 1st 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 in the last quarter. Simplify Asset Management Inc. purchased a new stake in ProKidney during the third quarter worth about $803,000. Finally, Amundi increased its stake in ProKidney by 7.2% during the first quarter. Amundi now owns 291,708 shares of the company’s stock worth $522,000 after purchasing an additional 19,466 shares during the period. Institutional investors and hedge funds own 51.59% of the company’s stock.

ProKidney Company Profile

ProKidney Corporation is a biotechnology company focused on developing cell-based therapies for chronic kidney disease (CKD). The company’s lead investigational product is rilparencel, formerly known as REACT, an autologous cell therapy made from a patient’s own kidney cells.

Rilparencel is designed to be injected into the patient’s kidneys, where the cells are intended to support kidney function and potentially slow the progression of CKD. ProKidney is studying the therapy primarily in patients with diabetic kidney disease and advanced CKD, with the goal of delaying or reducing the need for dialysis or kidney transplantation.

ProKidney’s operations are centered on the development and clinical testing of rilparencel, and the company does not currently have an approved commercial product.