UBS raised the firm’s price target on ProKidney (PROK) to $8 from $4 and keeps a Buy rating on the shares. Recent data from a Phase 2 trial of rilparencel show stabilization of kidney function in patients with diabetes and advanced chronic kidney disease, the analyst tells investors in a research note. ProKidney expects to meet with the FDA in the near-term to align on eGFR slope as a potential acceptable Phase 3 surrogate endpoint for accelerated approval in advanced CKD, which should give clarity on a potential readout.
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