ProKidney (NASDAQ:PROK) Sees Large Volume Increase – Still a Buy?

Shares of ProKidney Corp. (NASDAQ:PROK) saw an uptick in trading volume on Tuesday . 1,408,464 shares traded hands during mid-day trading, an increase of 45% from the previous session’s volume of 969,673 shares.The stock last traded at $2.1650 and had previously closed at $1.89.

Wall Street Analysts Forecast Growth

PROK has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of ProKidney in a research report on Monday, May 18th. Weiss Ratings lowered shares of ProKidney from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 25th. Jefferies Financial Group upgraded shares of ProKidney to a “strong-buy” rating in a research note on Wednesday, March 18th. Finally, Wall Street Zen downgraded shares of ProKidney from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, ProKidney presently has an average rating of “Moderate Buy” and an average target price of $9.00.

ProKidney Stock Down 7.4%

The company has a market cap of $570.89 million, a P/E ratio of -3.57 and a beta of 1.61. The stock has a 50 day moving average price of $1.80 and a two-hundred day moving average price of $2.01.

ProKidney (NASDAQ:PROK) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The company had revenue of $0.23 million during the quarter, compared to analyst estimates of $0.10 million. Equities analysts anticipate that ProKidney Corp. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On ProKidney

A number of institutional investors have recently modified their holdings of PROK. Bank of America Corp DE grew its stake in shares of ProKidney by 6.7% in 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 in the last quarter. Amundi raised its stake in ProKidney by 7.2% in the 1st quarter. Amundi now owns 291,708 shares of the company’s stock worth $522,000 after purchasing an additional 19,466 shares in the last quarter. SummitTX Capital L.P. acquired a new stake in ProKidney in the 1st quarter worth about $26,000. Renaissance Technologies LLC boosted its holdings 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 purchasing an additional 355,089 shares during the period. Finally, R Squared Ltd bought a new stake in ProKidney in the 1st quarter valued at about $25,000. Institutional investors own 51.59% of the company’s stock.

ProKidney Company Profile

ProKidney, Inc (NASDAQ: PROK) is a clinical-stage biotechnology company focused on developing cell-based therapies for kidney diseases. The company’s research and development activities center on harnessing human-derived proximal tubule cells to address conditions such as acute kidney injury (AKI) and chronic kidney disease (CKD). By targeting the underlying cellular mechanisms of renal injury and dysfunction, ProKidney aims to offer novel regenerative medicine approaches that go beyond current supportive care options.

ProKidney’s lead programs utilize proprietary methods for isolating and expanding renal epithelial cells to create injectable therapeutic products.