ProKidney (NASDAQ:PROK) Trading 8.7% Higher – Should You Buy?

ProKidney Corp. (NASDAQ:PROK) shares shot up 8.7% on Tuesday . The stock traded as high as $1.80 and last traded at $1.81. 286,332 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 553,330 shares. The stock had previously closed at $1.66.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. started coverage on shares of ProKidney in a research note on Monday, September 30th. They set a “neutral” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.50.

ProKidney Price Performance

The stock has a market cap of $522.07 million, a PE ratio of -3.25 and a beta of 1.32. The company’s fifty day moving average is $1.80 and its 200-day moving average is $1.99.

ProKidney (NASDAQ:PROK) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.14) EPS for the quarter, hitting the consensus estimate of ($0.14). Analysts expect that ProKidney Corp. will post -0.57 EPS for the current year.

Institutional Investors Weigh In On ProKidney

A number of hedge funds and other institutional investors have recently modified their holdings of PROK. XTX Topco Ltd purchased a new stake in ProKidney in the 3rd quarter valued at $41,000. Intech Investment Management LLC purchased a new stake in ProKidney in the 3rd quarter valued at approximately $46,000. AQR Capital Management LLC acquired a new position in shares of ProKidney in the second quarter valued at approximately $50,000. The Manufacturers Life Insurance Company acquired a new stake in ProKidney in the 2nd quarter worth about $60,000. Finally, Castleview Partners LLC acquired a new stake in shares of ProKidney during the 3rd quarter worth $63,000. 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.