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

ProKidney Corp. (NASDAQ:PROK) shares 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.

Specifically, SVP Darin J. Weber sold 17,238 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $2.50, for a total transaction of $43,095.00. Following the completion of the transaction, the senior vice president now directly owns 172,432 shares in the company, valued at approximately $431,080. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Darin J. Weber sold 84,103 shares of the stock in a transaction on Friday, April 12th. The shares were sold at an average price of $1.73, for a total transaction of $145,498.19. Following the transaction, the senior vice president now owns 189,670 shares of the company’s stock, valued at approximately $328,129.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Darin J. Weber sold 17,238 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $2.50, for a total value of $43,095.00. Following the completion of the sale, the senior vice president now owns 172,432 shares of the company’s stock, valued at approximately $431,080. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,641 shares of company stock worth $189,100. Corporate insiders own 44.99% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Bank of America lowered shares of ProKidney from a “buy” rating to a “neutral” rating in a report on Tuesday, January 2nd. Morgan Stanley initiated coverage on ProKidney in a report on Thursday, March 7th. They set an “equal weight” rating and a $3.00 target price for the company.

ProKidney Stock Down 13.7 %

The company’s fifty day simple moving average is $1.56 and its 200 day simple moving average is $1.80. The firm has a market capitalization of $561.88 million, a PE ratio of -3.95 and a beta of 1.08.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings results on Thursday, March 21st. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.10. Equities research analysts forecast that ProKidney Corp. will post -0.65 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PROK. Jump Financial LLC purchased a new stake in ProKidney during the 3rd quarter valued at about $216,000. SG Americas Securities LLC bought a new stake in shares of ProKidney in the 3rd quarter worth $78,000. Trexquant Investment LP purchased a new position in shares of ProKidney in the third quarter worth $116,000. Barclays PLC lifted its stake in ProKidney by 355.2% during the 4th quarter. Barclays PLC now owns 61,815 shares of the company’s stock valued at $110,000 after acquiring an additional 48,234 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of ProKidney by 530.3% in the second quarter. Royal Bank of Canada now owns 6,965 shares of the company’s stock worth $78,000 after acquiring an additional 5,860 shares during the period. 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.