ProKidney (NASDAQ:PROK) Shares Down 7.4%

ProKidney Corp. (NASDAQ:PROK)’s share price fell 7.4% on Thursday . The stock traded as low as $2.48 and last traded at $2.51. 61,369 shares traded hands during trading, a decline of 91% from the average session volume of 678,606 shares. The stock had previously closed at $2.71.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PROK. Bank of America downgraded ProKidney from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 2nd. Morgan Stanley began coverage on ProKidney in a research note on Thursday, March 7th. They set an “equal weight” rating and a $3.00 target price for the company.

ProKidney Stock Performance

The firm’s 50-day moving average price is $1.72 and its 200 day moving average price is $1.74.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings results on Thursday, March 21st. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.10. On average, research analysts forecast that ProKidney Corp. will post -0.65 EPS for the current fiscal year.

Insider Transactions at ProKidney

In other ProKidney news, SVP Darin J. Weber sold 84,103 shares of the firm’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $1.73, for a total value of $145,498.19. Following the transaction, the senior vice president now owns 189,670 shares of the company’s stock, valued at $328,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ProKidney news, SVP Darin J. Weber sold 84,103 shares of the firm’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $1.73, for a total value of $145,498.19. Following the transaction, the senior vice president now owns 189,670 shares of the company’s stock, valued at $328,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Darin J. Weber sold 17,238 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $2.50, for a total transaction of $43,095.00. Following the completion of the transaction, the senior vice president now directly owns 172,432 shares in the company, valued at approximately $431,080. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,879 shares of company stock valued at $232,392. Insiders own 44.99% of the company’s stock.

Hedge Funds Weigh In On ProKidney

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. boosted its position in shares of ProKidney by 10,984.7% during the fourth quarter. Federated Hermes Inc. now owns 113,286 shares of the company’s stock worth $202,000 after buying an additional 112,264 shares during the period. Jump Financial LLC acquired a new position in shares of ProKidney during the third quarter worth approximately $216,000. SG Americas Securities LLC boosted its position in shares of ProKidney by 174.2% during the fourth quarter. SG Americas Securities LLC now owns 46,829 shares of the company’s stock worth $83,000 after buying an additional 29,749 shares during the period. Finally, Zullo Investment Group Inc. acquired a new position in shares of ProKidney during the first quarter worth approximately $32,000. 51.59% of the stock is currently owned by institutional investors and hedge funds.

About ProKidney

ProKidney Corp., a clinical-stage biotechnology company, provides transformative proprietary cell therapy platform for treating various chronic kidney diseases in the United States. The company's lead product is Renal Autologous Cell Therapy (REACT), an autologous homologous cell admixture, which has completed Phase I clinical trial for REACT in patients with congenital anomalies of the Kidney and Urinary Tract (CAKUT), as well as in Phase III and Phase II clinical trials for the treatment of moderate to severe diabetic kidney disease.