ProKidney (NASDAQ:PROK) Stock Price Target Lowered at Citigroup

ProKidney (NASDAQ:PROK) had its price target lowered by equities research analysts at Citigroup to $8.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup‘s price objective would indicate a potential upside of 426.32% from the company’s previous close.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of ProKidney in a research report on Tuesday, October 6th. One 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 stock. According to MarketBeat.com, ProKidney presently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

ProKidney Stock Up 0.3%

Shares of PROK stock traded up $0.01 during trading on Wednesday, reaching $1.52. The company’s stock had a trading volume of 1,495,082 shares, compared to its average volume of 1,106,484. The business has a fifty day moving average price of $1.67 and a 200-day moving average price of $1.84. The company has a market cap of $459.53 million, a price-to-earnings ratio of -2.76 and a beta of 1.77. ProKidney has a one year low of $1.30 and a one year high of $3.27.

ProKidney (NASDAQ:PROK) last issued its earnings results 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. Research analysts anticipate that ProKidney will post -0.51 EPS for the current year.

Insider Activity at ProKidney

In other ProKidney news, Director Brian Pereira sold 229,338 shares of ProKidney stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $1.37, for a total transaction of $314,193.06. Following the completion of the transaction, the director owned 445,897 shares of the company’s stock, valued at $610,878.89. The trade was a 33.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 757,164 shares of company stock worth $1,067,315. 39.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new position in shares of ProKidney in the first quarter worth about $25,000. SummitTX Capital L.P. purchased a new stake in ProKidney in the first quarter worth about $26,000. FNY Investment Advisers LLC lifted its position in ProKidney by 2,000.0% during the second quarter. FNY Investment Advisers LLC now owns 21,000 shares of the company’s stock valued at $42,000 after buying an additional 20,000 shares during the period. AXQ Capital LP bought a new stake in ProKidney during the second quarter worth about $76,000. Finally, Amundi increased its stake in shares of ProKidney by 7.2% during 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. 51.59% of the stock is currently owned by hedge funds and other 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.