In a report released yesterday, Yigal Nochomovitz from Citi maintained a Buy rating on ProKidney, with a price target of $9.00.
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Yigal Nochomovitz has given his Buy rating due to a combination of factors related to ProKidney’s recent developments and strategic positioning. The company has successfully aligned with the FDA on an accelerated approval pathway for its treatment, Rilparencel, targeting chronic kidney disease and type 2 diabetes. This alignment includes the use of eGFR slope as a surrogate endpoint, which is a significant step towards both accelerated and full approval.
Furthermore, ProKidney’s management has demonstrated proactive engagement with the FDA, reinforcing confidence in their regulatory strategy. The impressive data from Phase 2 studies and the ongoing patient enrollment in the Phase 3 PROACT1 study further support the potential of Rilparencel. With these developments, Nochomovitz anticipates a substantial share price return of 126.7%, underpinning his Buy recommendation.
In another report released yesterday, UBS also maintained a Buy rating on the stock with a $8.00 price target.
PROK’s price has also changed dramatically for the past six months – from $1.580 to $3.370, which is a 113.29% increase.