ProKidney (NASDAQ:PROK) Shares Up 7.5% Following Analyst Upgrade

ProKidney Corp. (NASDAQ:PROK)’s share price shot up 7.5% on Tuesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $4.30 and last traded at $3.97. 23,870,136 shares changed hands during trading, an increase of 590% from the average session volume of 3,460,439 shares. The stock had previously closed at $3.69.

Insider Buying and Selling at ProKidney

In related news, insider Darin J. Weber sold 103,480 shares of the company’s stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $3.02, for a total transaction of $312,509.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Control Empresarial De Capital bought 387,393 shares of ProKidney stock in a transaction that occurred on Tuesday, April 22nd. The stock was purchased at an average cost of $0.71 per share, for a total transaction of $275,049.03. Following the acquisition, the insider owned 73,842,723 shares of the company’s stock, valued at $52,428,333.33. This represents a 0.53% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 41.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised 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 purchasing an additional 27,098 shares in the last quarter. Nuveen LLC purchased a new position in ProKidney in the first quarter valued at $233,000. Deutsche Bank AG increased its holdings in ProKidney by 49.4% in the first quarter. Deutsche Bank AG now owns 86,337 shares of the company’s stock valued at $76,000 after buying an additional 28,546 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in ProKidney by 8.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 825,647 shares of the company’s stock valued at $723,000 after buying an additional 65,860 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in ProKidney by 4.3% during the 1st quarter. Bank of New York Mellon Corp now owns 239,673 shares of the company’s stock worth $210,000 after buying an additional 9,903 shares during the last quarter. Institutional investors and hedge funds own 51.59% of the company’s stock.

ProKidney Stock Performance

The company has a 50-day moving average price of $1.22 and a 200-day moving average price of $1.22. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -6.22 and a beta of 1.26.

ProKidney (NASDAQ:PROK) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. The business had revenue of $0.23 million during the quarter. On average, research analysts expect that ProKidney Corp. will post -0.57 earnings per share for the current fiscal year.

ProKidney Company Profile

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.