BofA downgraded ProKidney (PROK) to Underperform from Neutral with a price target of $1, down from $3. The downgrade reflects more conservative peak sales for REACT, the company’s sole product candidate in development for treatment of diabetic chronic kidney disease, the analyst tells investors in a research note. Recent discussions with nephrology experts suggest changes in the competitive landscape and the REACT program, warranting more segmentation-related “haircuts” and reducing the total addressable market, the firm says. The risk/reward skews to the downside with a financing overhang and limited value-inflection catalysts, BofA argues.
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