Morgan Stanley Investment Managem recently announced the acquisition of new stake in ProKidney Corp (NASDAQ:PROK). The institutional investor has increased its shareholding in the Healthcare company by 5.49% to 10.14 million shares with purchase of 0.53 million shares. This fresh investment now brings its stake to 16.47% valued currently at $16.54 million. In addition, GBM Administradora de Activos, SA raised its holdings by 3.48 million to 4.48 million shares. And Suvretta Capital Management LLC has lifted its position by 21.13% or 0.67 million shares – to 3.87 million shares.
With over 6.34 million ProKidney Corp (PROK) shares trading Monday and a closing price of $1.76 on the day, the dollar volume was approximately $11.15 million. The shares have shown a negative half year performance of -82.42% and its price on 11/20/23 gained nearly 45.45%. Currently, there are 61.54M common shares owned by the public and among those 35.40M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for PROK have a consensus price objective of $9.60. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $6.00. The average price target is 81.67% above its recent price level and an upside to the estimated low will see the stock gain 70.67% over that period. But an upside of 88.27% will see the stock hit the forecast high price target while median target price for the stock is $8.00.
Insiders at the company have transacted a total of 12 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 3 of these insider trades were purchases, accounting for 6,283,555 shares. Insider sales of the common stock occurred on 9 occasions, with total insider shares sold totaling 10,788,928 shares.
The top 3 mutual fund holders in ProKidney Corp are Morgan Stanley Instl. Fund-Growth, Fondo Administrado 5 SA de CV FIR, and Morgan Stanley Invt. Fds. – US Gr. Morgan Stanley Instl. Fund-Growth owns 2.76 million shares of the company’s stock, all valued at over $4.49 million. The company bought an additional 57687.0 shares recently to bring their total holdings to about 4.48% of the shares outstanding. Morgan Stanley Invt. Fds. – US Gr sold -0.11 million shares to bring its total holdings to over 1.44 million shares at a value of $2.35 million. Morgan Stanley Invt. Fds. – US Gr now owns shares totaling to 2.35% of the shares outstanding.
Shares of ProKidney Corp (NASDAQ: PROK) opened at $1.27, up $0.06 from a prior closing price of $1.21. However, the script later moved the day high at 1.8300, up 45.45%. The company’s stock has a 5-day price change of 10.00% and -81.65% over the past three months. PROK shares are trading -74.34% year to date (YTD), with the 12-month market performance down to -82.47% lower. It has a 12-month low price of $1.12 and touched a high of $14.19 over the same period. PROK has an average intraday trading volume of 750.61K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.30%, -47.84%, and -80.62% respectively.
Institutional ownership of ProKidney Corp (NASDAQ: PROK) shares accounts for 54.34% of the company’s 61.54M shares outstanding. Mutual fund holders own 24.72%, while other institutional holders and individual stakeholders account for 31.39% and 23.25% respectively.
It has a market capitalization of $108.40M and a beta (3y monthly) value of 0.95. The earnings-per-share (ttm) stands at -$0.58. Price movements for the stock have been influenced by the stock’s volatility, which stands at 29.41% over the week and 17.54% over the month.
Analysts forecast that ProKidney Corp (PROK) will achieve an EPS of -$0.16 for the current quarter, $0 for the next quarter and -$0.69 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.22 while analysts give the company a high EPS estimate of -$0.12. Comparatively, EPS for the current quarter was -$0.11 a year ago. Earnings per share for the fiscal year are expected to decrease by -162.49%, and -14.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate ProKidney Corp (PROK) as a “Strong Buy” at a consensus score of 1.67. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 2 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PROK, a number of firms have released research notes about the stock. BTIG Research stated their Buy rating for the stock in a research note on July 25, 2023, with the firm’s price target at $16.
