ProKidney (NASDAQ:PROK) Shares Gap Up – Time to Buy?

ProKidney Corp. (NASDAQ:PROK)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $1.75, but opened at $1.79. ProKidney shares last traded at $1.75, with a volume of 18,913 shares trading hands.

Analysts Set New Price Targets

Several brokerages have issued reports on PROK. JPMorgan Chase & Co. started coverage on ProKidney in a research note on Monday, September 30th. They set a “neutral” rating on the stock. Guggenheim began coverage on ProKidney in a research report on Tuesday, September 10th. They set a “buy” rating and a $6.00 price target on the stock. Finally, Bank of America decreased 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 given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.50.

ProKidney Price Performance

The company has a fifty day moving average price of $1.81 and a 200 day moving average price of $2.07. The company has a market capitalization of $492.91 million, a P/E ratio of -3.07 and a beta of 1.27.

ProKidney (NASDAQ:PROK) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.14). On average, equities research analysts predict that ProKidney Corp. will post -0.57 earnings per share for the current fiscal year.

Institutional Trading of ProKidney

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in ProKidney by 150.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 749,718 shares of the company’s stock valued at $1,439,000 after purchasing an additional 450,548 shares during the period. Suvretta Capital Management LLC raised its holdings in shares of ProKidney by 32.1% during the third quarter. Suvretta Capital Management LLC now owns 12,341,266 shares of the company’s stock valued at $23,695,000 after buying an additional 3,000,000 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of ProKidney by 54.6% during the third quarter. The Manufacturers Life Insurance Company now owns 37,981 shares of the company’s stock worth $73,000 after buying an additional 13,415 shares during the period. Castleview Partners LLC bought a new position in ProKidney in the 3rd quarter worth approximately $63,000. Finally, State Street Corp increased its position in ProKidney by 16.2% in the 3rd quarter. State Street Corp now owns 1,428,318 shares of the company’s stock valued at $2,742,000 after acquiring an additional 198,836 shares during the period. Institutional investors and hedge funds own 51.59% of the company’s stock.

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.