ProKidney (NASDAQ:PROK) Shares Gap Up – Here’s Why

ProKidney Corp. (NASDAQ:PROK)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $1.75, but opened at $1.79. ProKidney shares last traded at $1.75, with a volume of 18,913 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PROK. Bank of America lowered their price target on ProKidney from $4.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Guggenheim began coverage on shares of ProKidney in a research note on Tuesday, September 10th. They set a “buy” rating and a $6.00 target price for the company. Finally, JPMorgan Chase & Co. initiated coverage on ProKidney in a report on Monday, September 30th. They issued a “neutral” rating for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.50.

ProKidney Price Performance

The firm has a market capitalization of $510.70 million, a P/E ratio of -3.18 and a beta of 1.27. The stock’s 50-day simple moving average is $1.82 and its two-hundred day simple moving average is $2.08.

ProKidney (NASDAQ:PROK) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.14). On average, analysts forecast that ProKidney Corp. will post -0.57 earnings per share for the current fiscal year.

Institutional Trading of ProKidney

A number of large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its position in ProKidney by 65.1% during the third quarter. JPMorgan Chase & Co. now owns 46,830 shares of the company’s stock valued at $90,000 after purchasing an additional 18,472 shares during the period. Barclays PLC lifted its position in ProKidney by 575.7% in the third quarter. Barclays PLC now owns 146,321 shares of the company’s stock worth $281,000 after buying an additional 124,667 shares during the last quarter. Geode Capital Management LLC boosted its stake in ProKidney by 102.0% during the third quarter. Geode Capital Management LLC now owns 2,203,934 shares of the company’s stock worth $4,232,000 after buying an additional 1,112,933 shares during the period. XTX Topco Ltd purchased a new position in ProKidney during the third quarter worth $41,000. Finally, State Street Corp increased its position in ProKidney by 16.2% during the third quarter. State Street Corp now owns 1,428,318 shares of the company’s stock valued at $2,742,000 after acquiring an additional 198,836 shares during the last quarter. 51.59% of the stock is currently 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.