ProKidney move after REACT update ‘looks overdone,’ says BofA

After ProKidney (PROK) reported topline results from the full Group 1 modified intent-to-treat population of the Phase 2 REGEN-007 trial evaluating rilparencel, or REACT, in patients with CKD and diabetes, BofA analyst Jason Gerberry noted that there was no investor call to discuss the data and that important detailed data are likely pending until a medical meeting. The REACT update “has limitations” given that the REGEN-007 study lacks a sham comparator and the firm still needs clarity on regulatory pathway, says the analyst, who remains cautious on the stock and makes no changes to the firm’s Underperform rating and $1 price target on the shares. With the ProKidney shares up $3.66, or 600%, to $4.27 in afternoon trading, the firm says the move “looks overdone.”