ProKidney price target raised to $7 from $6 at Guggenheim

Guggenheim raised the firm’s price target on ProKidney (PROK) to $7 from $6 and keeps a Buy rating on the shares. Guggenheim says it was “very surprised” by the move in ProKidney shares last week following an “encouraging but somewhat incremental” data release on Tuesday from the rilparencel Phase 2 REGEN-007 trial, and tells investors in a research note that the firm was surprised by the enthusiasm experts showed for rilparencel following this data update. The firm awaits next month’s regulatory update after the company’s Type B Meeting with the FDA, and the full REGEN-007 data presentation at the American Society of Nephrology Meeting in November.