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Investing.com - UBS raised its price target on ProKidney Corp. (NASDAQ:PROK) to $8.00 from $4.00 while maintaining a Buy rating on the stock. The company’s stock has shown remarkable momentum, delivering a 133.54% return over the past six months, according to InvestingPro data.
The price target adjustment follows promising data from a Phase 2 trial of rilparencel, ProKidney’s autologous cell therapy for chronic kidney disease, which showed stabilization of kidney function in patients with both type I and type II diabetes with advanced chronic kidney disease.
ProKidney is currently conducting a Phase 3 trial of rilparencel in patients with type II diabetes who have Stage 3b/4 chronic kidney disease, according to UBS.
The company plans to meet with the FDA in the near term to discuss the potential use of eGFR slope as a surrogate endpoint for accelerated approval in advanced chronic kidney disease.
UBS expects ProKidney to provide an update on these regulatory discussions potentially in August, which could clarify the timeline for Phase 3 trial results, possibly in late 2026 or 2027.
In other recent news, ProKidney Corp. has been in the spotlight following the release of positive topline results from its Phase 2 REGEN-007 study evaluating the treatment rilparencel for patients with diabetes and chronic kidney disease. This development led Citi to raise its price target for ProKidney from $6 to $9, maintaining a Buy rating, as the trial data exceeded both analyst and management expectations. The study showed statistically significant efficacy in stabilizing estimated glomerular filtration rate (eGFR) slope, which could support accelerated approval in Phase 3 pending FDA confirmation. Meanwhile, Guggenheim also adjusted its price target from $6 to $7, citing a clinically meaningful impact observed in the trial. Despite the positive data, BofA Securities maintained an Underperform rating with a $1 price target, expressing concerns over trial risks and regulatory uncertainties. The firm noted the absence of a sham comparator in the study and questioned the contribution of certain patient groups. ProKidney plans to provide a regulatory update following its upcoming Type B Meeting with the FDA, with full data expected to be presented at the American Society of Nephrology Meeting in November. Investors are keenly awaiting further insights into the trial’s implications and the company’s future regulatory pathway.
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