ProKidney (NASDAQ:PROK) Shares Gap Up – Here’s What Happened

ProKidney Corp. (NASDAQ:PROK) shares gapped up prior to trading on Monday . The stock had previously closed at $1.51, but opened at $1.55. ProKidney shares last traded at $1.72, with a volume of 375,998 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PROK. Guggenheim began coverage on ProKidney in a research report on Tuesday, September 10th. They set a “buy” rating and a $6.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on ProKidney in a report on Monday, September 30th. They set a “neutral” rating on the stock. Finally, Bank of America dropped their price objective on shares of ProKidney from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, ProKidney currently has an average rating of “Hold” and an average target price of $4.50.

ProKidney Price Performance

The company’s 50 day simple moving average is $1.83 and its two-hundred day simple moving average is $2.12. The company has a market cap of $519.16 million, a PE ratio of -3.24 and a beta of 1.27.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). Sell-side analysts expect that ProKidney Corp. will post -0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC acquired a new stake in shares of ProKidney in the 2nd quarter worth $50,000. XTX Topco Ltd acquired a new stake in ProKidney in the third quarter valued at about $41,000. Intech Investment Management LLC purchased a new stake in ProKidney in the 3rd quarter valued at approximately $46,000. The Manufacturers Life Insurance Company purchased a new position in shares of ProKidney during the 2nd quarter worth approximately $60,000. Finally, Castleview Partners LLC purchased a new stake in shares of ProKidney in the third quarter valued at approximately $63,000. 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.