Citigroup Issues Pessimistic Forecast for ProKidney (NASDAQ:PROK) Stock Price

ProKidney (NASDAQ:PROK) had its price objective cut by stock analysts at Citigroup to $8.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup‘s price objective would suggest a potential upside of 426.32% from the company’s current price.

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

ProKidney Stock Up 0.3%

ProKidney stock traded up $0.01 during trading hours on Wednesday, reaching $1.52. 1,497,810 shares of the company’s stock were exchanged, compared to its average volume of 1,106,498. The firm’s 50 day simple moving average is $1.67 and its 200 day simple moving average is $1.84. ProKidney has a twelve month low of $1.30 and a twelve month high of $3.27. The firm has a market capitalization of $459.53 million, a PE ratio of -2.76 and a beta of 1.77.

ProKidney (NASDAQ:PROK) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.15) earnings per share (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 the consensus estimate of $0.19 million. Analysts anticipate that ProKidney will post -0.51 EPS for the current year.

Insider Activity at ProKidney

In other news, Director Brian Pereira sold 229,338 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $1.37, for a total transaction of $314,193.06. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 757,164 shares of company stock worth $1,067,315. 39.83% of the stock is owned by insiders.

Institutional Trading of ProKidney

A number of hedge funds have recently made changes to their positions in PROK. R Squared Ltd bought a new stake in shares of ProKidney during the 1st quarter worth $25,000. SummitTX Capital L.P. bought a new stake in shares of ProKidney during the 1st quarter worth $26,000. FNY Investment Advisers LLC lifted its holdings in shares of 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 acquiring an additional 20,000 shares during the last quarter. AXQ Capital LP bought a new stake in shares of ProKidney during the 2nd quarter worth $76,000. Finally, Amundi lifted its holdings in shares of ProKidney by 7.2% during the 1st quarter. Amundi now owns 291,708 shares of the company’s stock worth $522,000 after acquiring an additional 19,466 shares during the last quarter. 51.59% of the stock is owned by institutional investors.

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.