ProKidney (NASDAQ:PROK) Stock Price Down 9% – Time to Sell?

ProKidney Corp. (NASDAQ:PROK)’s share price dropped 9% during mid-day trading on Monday . The stock traded as low as $2.71 and last traded at $2.7850. Approximately 1,463,533 shares traded hands during trading, a decline of 70% from the average daily volume of 4,807,284 shares. The stock had previously closed at $3.06.

Analysts Set New Price Targets

PROK has been the subject of a number of recent analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $7.00 price target (up from $6.00) on shares of ProKidney in a research note on Monday, July 14th. UBS Group lifted their price target on shares of ProKidney from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Tuesday, July 15th. Zacks Research lowered shares of ProKidney from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. Citigroup reaffirmed a “buy” rating and set a $9.00 price objective (up previously from $6.00) on shares of ProKidney in a research note on Wednesday, July 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ProKidney in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, ProKidney presently has a consensus rating of “Hold” and a consensus target price of $6.25.

ProKidney Stock Performance

The stock has a fifty day simple moving average of $2.75 and a 200-day simple moving average of $2.01. The stock has a market cap of $840.17 million, a P/E ratio of -4.99 and a beta of 1.75.

ProKidney (NASDAQ:PROK) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.01. The firm had revenue of $0.22 million for the quarter. On average, research analysts anticipate that ProKidney Corp. will post -0.57 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Zullo Investment Group Inc. bought a new position in ProKidney in the third quarter valued at $28,000. Catalyst Funds Management Pty Ltd acquired a new position in shares of ProKidney during the 2nd quarter worth about $36,000. AQR Capital Management LLC grew its holdings in shares of ProKidney by 106.4% in the 1st quarter. AQR Capital Management LLC now owns 52,570 shares of the company’s stock valued at $46,000 after acquiring an additional 27,098 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of ProKidney by 49.4% in the 1st quarter. Deutsche Bank AG now owns 86,337 shares of the company’s stock valued at $76,000 after acquiring an additional 28,546 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of ProKidney in the second quarter valued at about $208,000. 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.