ProKidney (PROK – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Judah Frommer from Morgan Stanley maintained a Hold rating on the stock and has a $3.00 price target.
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Judah Frommer’s rating is based on several factors that influence ProKidney’s current and future prospects. The company recently reported its first-quarter earnings for 2025, maintaining its catalyst timelines for the drug rilparencel. This quarter, ProKidney plans to present comprehensive data from the first group of its REGEN-007 study, which involves around 20 patients who have undergone two injections of rilparencel with an average follow-up of approximately 18 months.
Frommer anticipates that the upcoming update in the second quarter of 2025 will provide clarity on the expectations for the Phase 3 PROACT 1 trial and potentially inform an accelerated approval path based on the eGFR slope. The company aims to offer further details on this potential accelerated pathway by mid-2025, following a planned Type B meeting with the FDA. Additionally, ProKidney’s current cash reserves, amounting to $328.5 million, are expected to sustain operations until mid-2027. Given these factors, Frommer maintains a price target of $3, underpinned by a discounted cash flow model with a 12.5% discount rate and a 1% terminal growth rate.