ProKidney (NASDAQ:PROK) Shares Gap Down Following Insider Selling

ProKidney Corp. (NASDAQ:PROK)’s share price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $2.84, but opened at $2.77. ProKidney shares last traded at $2.25, with a volume of 344,684 shares traded.

Specifically, SVP Darin J. Weber sold 17,238 shares of ProKidney 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 sale, the senior vice president now directly owns 172,432 shares in the company, valued at approximately $431,080. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Darin J. Weber sold 84,103 shares of ProKidney stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $1.73, for a total transaction of $145,498.19. Following the completion of the sale, the senior vice president now directly owns 189,670 shares in the company, valued at approximately $328,129.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Darin J. Weber sold 17,238 shares of ProKidney stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $2.50, for a total value of $43,095.00. Following the sale, the senior vice president now owns 172,432 shares of the company’s stock, valued at $431,080. The disclosure for this sale can be found here. Insiders sold a total of 101,641 shares of company stock worth $189,100 in the last three months. 44.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages 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 issued an “equal weight” rating and a $3.00 price objective on the stock.

ProKidney Stock Performance

The stock has a 50 day moving average of $1.60 and a two-hundred day moving average of $1.79. The firm has a market capitalization of $467.85 million, a P/E ratio of -3.58 and a beta of 1.08.

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. Sell-side analysts predict that ProKidney Corp. will post -0.65 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC bought a new position in ProKidney in the 2nd quarter worth approximately $31,000. Tower Research Capital LLC TRC increased its position in ProKidney by 98.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 4,456 shares of the company’s stock worth $50,000 after buying an additional 2,211 shares during the period. Legal & General Group Plc bought a new position in ProKidney in the 4th quarter worth approximately $57,000. Ameritas Investment Partners Inc. bought a new position in ProKidney in the 2nd quarter worth approximately $57,000. Finally, UBS Group AG increased its position in shares of ProKidney by 97.5% during the first quarter. UBS Group AG now owns 5,209 shares of the company’s stock valued at $59,000 after purchasing an additional 2,571 shares during the period. 51.59% of the stock is owned by institutional investors.

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.