Citigroup Has Lowered Expectations for ProKidney (NASDAQ:PROK) Stock Price

ProKidney (NASDAQ:PROK) had its target price reduced by equities researchers at Citigroup to $8.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup‘s price objective suggests a potential upside of 444.22% from the company’s current price.

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

ProKidney Trading Down 3.3%

Shares of PROK stock traded down $0.05 during trading hours on Wednesday, hitting $1.47. The company’s stock had a trading volume of 817,574 shares, compared to its average volume of 1,105,108. The business has a fifty day moving average of $1.67 and a 200-day moving average of $1.83. The stock has a market cap of $444.41 million, a price-to-earnings ratio of -2.67 and a beta of 1.77. ProKidney has a twelve month low of $1.30 and a twelve month high of $3.27.

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 firm had revenue of $0.15 million for the quarter, compared to analyst estimates of $0.19 million. On average, equities analysts expect that ProKidney will post -0.51 EPS for the current fiscal year.

Insider Activity at ProKidney

In other ProKidney news, Director Brian Pereira sold 229,338 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $1.37, for a total value of $314,193.06. Following the transaction, the director directly owned 445,897 shares in the company, valued at $610,878.89. The trade was a 33.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 757,164 shares of company stock valued at $1,067,315 in the last 90 days. 39.83% of the stock is owned by insiders.

Institutional Trading of ProKidney

Large investors have recently modified their holdings of the stock. Simplify Asset Management Inc. purchased a new position in shares of ProKidney during the third quarter worth about $803,000. Renaissance Technologies LLC boosted its stake in shares of ProKidney by 39.6% during the first 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. Hennion & Walsh Asset Management Inc. raised its holdings in shares of ProKidney by 14.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,847,749 shares of the company’s stock valued at $3,769,000 after acquiring an additional 236,056 shares in the last quarter. Bank of America Corp DE raised its holdings in ProKidney by 6.7% in the first quarter. Bank of America Corp DE now owns 753,412 shares of the company’s stock worth $1,349,000 after purchasing an additional 47,268 shares in the last quarter. Finally, AXQ Capital LP bought a new position in ProKidney in the second quarter worth $76,000. 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.