ProKidney (NASDAQ:PROK) Shares Gap Up on Insider Buying Activity

ProKidney Corp. (NASDAQ:PROK) shares gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $2.31, but opened at $2.39. ProKidney shares last traded at $2.31, with a volume of 13,961 shares traded.

Specifically, SVP Darin J. Weber sold 84,103 shares of the company’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $1.73, for a total value of $145,498.19. Following the sale, the senior vice president now directly owns 189,670 shares in the company, valued at $328,129.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ProKidney news, SVP Darin J. Weber sold 84,103 shares of the firm’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $1.73, for a total transaction of $145,498.19. Following the sale, the senior vice president now directly owns 189,670 shares of the company’s stock, valued at approximately $328,129.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Darin J. Weber sold 17,238 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $4.08, for a total transaction of $70,331.04. Following the completion of the transaction, the insider now directly owns 137,956 shares of the company’s stock, valued at approximately $562,860.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 136,117 shares of company stock worth $302,723. 41.49% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PROK. Jefferies Financial Group dropped their target price on ProKidney from $15.00 to $6.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Bank of America boosted their target price on shares of ProKidney from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Wednesday, May 29th. Finally, Morgan Stanley began coverage on shares of ProKidney in a research note on Thursday, March 7th. They set an “equal weight” rating and a $3.00 price objective for the company.

ProKidney Trading Up 1.8 %

The firm has a 50-day moving average of $2.95 and a 200 day moving average of $2.06. The stock has a market capitalization of $520.60 million, a price-to-earnings ratio of -3.98 and a beta of 1.21.

ProKidney (NASDAQ:PROK) last posted its earnings results on Friday, May 10th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.09. As a group, research analysts forecast that ProKidney Corp. will post -0.56 EPS for the current year.

Institutional Trading of ProKidney

Several large investors have recently modified their holdings of the business. Zullo Investment Group Inc. purchased a new position in ProKidney in the first quarter valued at about $32,000. Federated Hermes Inc. raised its position in shares of ProKidney by 10,984.7% in the 4th quarter. Federated Hermes Inc. now owns 113,286 shares of the company’s stock valued at $202,000 after purchasing an additional 112,264 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of ProKidney by 174.2% during the 4th quarter. SG Americas Securities LLC now owns 46,829 shares of the company’s stock valued at $83,000 after buying an additional 29,749 shares during the last quarter. 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.