ProKidney (PROK) stock rocketed higher on Tuesday after the clinical-stage cellular therapeutics company reported results from its Phase 2 REGEN-007 trial evaluating rilparencel in patients with chronic kidney disease (CKD) and diabetes.
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CKD is a condition where the kidneys are damaged, causing poor blood filtering and the buildup of waste and fluid in the body. Diabetes is when the body doesn’t produce enough insulin, which can result in high blood sugar levels.
The big news here was top-line and statistically significant results from rilparencel. ProKidney said it has the potential to “preserve kidney function in patients with advanced CKD and type 2 diabetes.” The company already has a Phase 3 clinical trial of the treatment underway, and it has a meeting with the Food and Drug Administration (FDA) that could accelerate the drug’s approval.
ProKidney Stock Movement Today
PROK stock was up 58.29% during pre-market trading on Tuesday, following a 4.82% dip yesterday. Investors will note that the shares were down 64.11% year-to-date and have fallen 75.74% over the past 12 months. Today’s rally came with heavy trading, as some 53 million shares traded, compared to a three-month daily average of about 1.27 million units.
Is ProKidney Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for ProKidney is Moderate Sell, based on one Hold and one Sell rating over the past three months. With that comes an average PROK stock price target of $3, representing a potential 394.64% upside for the shares.
