ProKidney Corp. (NASDAQ:PROK) Sees Large Decline in Short Interest

ProKidney Corp. (NASDAQ:PROK) was the target of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 11,560,000 shares, a decrease of 17.3% from the March 31st total of 13,980,000 shares. Currently, 26.7% of the company’s stock are short sold. Based on an average daily volume of 702,200 shares, the days-to-cover ratio is presently 16.5 days.

Insiders Place Their Bets

In other news, SVP Darin J. Weber sold 16,438 shares of ProKidney stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $2.51, for a total transaction of $41,259.38. Following the completion of the transaction, the senior vice president now directly owns 155,194 shares in the company, valued at $389,536.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other ProKidney news, SVP Darin J. Weber sold 17,238 shares of the firm’s stock in a transaction dated 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 sale, 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 SEC, which can be accessed through the SEC website. Also, SVP Darin J. Weber sold 16,438 shares of ProKidney stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $2.51, for a total transaction of $41,259.38. Following the completion of the transaction, the senior vice president now directly owns 155,194 shares of the company’s stock, valued at $389,536.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,879 shares of company stock worth $232,392. 44.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Jump Financial LLC bought a new stake in ProKidney during the third quarter valued at about $216,000. SG Americas Securities LLC bought a new position in ProKidney in the 3rd quarter worth approximately $78,000. Zullo Investment Group Inc. purchased a new stake in ProKidney during the 1st quarter valued at approximately $32,000. Finally, Federated Hermes Inc. raised its position in shares of ProKidney by 10,984.7% during the fourth quarter. Federated Hermes Inc. now owns 113,286 shares of the company’s stock valued at $202,000 after buying an additional 112,264 shares during the last quarter. Hedge funds and other institutional investors own 51.59% of the company’s stock.

ProKidney Price Performance

Shares of PROK stock traded up $0.18 during trading hours on Monday, reaching $2.30. 778,406 shares of the company traded hands, compared to its average volume of 695,837. The firm has a 50-day moving average price of $1.73 and a 200 day moving average price of $1.69. The company has a market cap of $527.48 million, a P/E ratio of -4.30 and a beta of 1.08. ProKidney has a 12-month low of $1.12 and a 12-month high of $13.51.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PROK shares. Bank of America downgraded ProKidney from a “buy” rating to a “neutral” rating in a report on Tuesday, January 2nd. Morgan Stanley started coverage on shares of ProKidney in a research note on Thursday, March 7th. They issued an “equal weight” rating and a $3.00 price target for the company.

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.