Bank of America Lowers ProKidney (NASDAQ:PROK) Price Target to $3.00

ProKidney (NASDAQ:PROK) had its price target lowered by stock analysts at Bank of America from $4.00 to $3.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 26.58% from the company’s previous close.

Separately, Jefferies Financial Group lowered their price objective on shares of ProKidney from $15.00 to $6.00 and set a “buy” rating for the company in a research note on Monday, June 10th.

ProKidney Trading Up 8.7 %

Shares of PROK opened at $2.37 on Wednesday. The firm’s fifty day simple moving average is $2.28 and its two-hundred day simple moving average is $2.31. ProKidney has a 12 month low of $1.12 and a 12 month high of $8.84. The stock has a market capitalization of $543.55 million, a P/E ratio of -4.16 and a beta of 1.10.

ProKidney (NASDAQ:PROK) last announced its earnings results on Friday, August 9th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.01. As a group, research analysts predict that ProKidney will post -0.51 EPS for the current fiscal year.

Insider Activity at ProKidney

In other news, Director Pablo G. Legorreta purchased 22,617,909 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were acquired at an average price of $2.42 per share, for a total transaction of $54,735,339.78. Following the completion of the acquisition, the director now owns 22,617,909 shares in the company, valued at $54,735,339.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other ProKidney news, insider Control Empresarial De Capital acquired 8,264,462 shares of the stock in a transaction on Tuesday, June 11th. The shares were purchased at an average price of $2.42 per share, for a total transaction of $19,999,998.04. Following the completion of the acquisition, the insider now owns 71,560,107 shares in the company, valued at approximately $173,175,458.94. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Pablo G. Legorreta acquired 22,617,909 shares of ProKidney stock in a transaction dated Thursday, June 13th. The shares were acquired at an average price of $2.42 per share, with a total value of $54,735,339.78. Following the completion of the acquisition, the director now directly owns 22,617,909 shares of the company’s stock, valued at $54,735,339.78. The disclosure for this purchase can be found here. 41.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ProKidney

Large investors have recently added to or reduced their stakes in the business. Zullo Investment Group Inc. bought a new position in shares of ProKidney in the first quarter valued at approximately $32,000. Bank of New York Mellon Corp lifted its stake in ProKidney by 44.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 179,236 shares of the company’s stock valued at $441,000 after acquiring an additional 55,266 shares in the last quarter. Rhumbline Advisers boosted its holdings in ProKidney by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 76,190 shares of the company’s stock worth $187,000 after acquiring an additional 6,181 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of ProKidney in the 2nd quarter worth $124,000. Finally, AQR Capital Management LLC purchased a new stake in shares of ProKidney in the second quarter valued at about $50,000. Institutional investors own 51.59% of the company’s stock.

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.