ProKidney price target raised to $9 from $6 at Citi

Citi raised the firm’s price target on ProKidney (PROK) to $9 from $6 and keeps a Buy rating on the shares after the company reported results from the Phase 2 REGEN-007 study evaluating rilparencel in diabetes and chronic kidney disease. The firm says the initial data exceeded Citi’s and management’s expectations. REGEN-007 demonstrated statistically significant efficacy in group one, which may support accelerated approval in Phase 3 pending FDA confirmation, the analyst tells investors in a research note. Citi upped its probability of sucess for REGEN-007 to 60% from 50%.