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Investing.com -- ProKidney Corp. (NASDAQ:PROK) stock surged 65% in pre-market trading on Wednesday, building on Tuesday’s massive 515% gain following positive clinical trial data.
The latest jump came after Citi analysts raised their price target on the stock to $9 from $6, citing better-than-expected topline results from the Phase 2 REGEN-007 study evaluating rilparencel in patients with Type 1 and Type 2 diabetes and chronic kidney disease. ProKidney shares closed at $3.73 on Monday.
Citi analysts increased their probability of success for the treatment to 60%, up 10 percentage points, after the study demonstrated statistically significant efficacy on stabilization of estimated glomerular filtration rate (eGFR) slope in Group 1 patients who received injections in both kidneys.
The analysts noted that this endpoint may support accelerated approval in Phase 3 pending FDA confirmation. While the FDA has already indicated that eGFR slope is an acceptable surrogate endpoint, some details regarding required follow-up time and sample sizes still need clarification.
The bank’s analysts are awaiting full results with eGFR plots at the American Society of Nephrology conference to better understand the significance of these findings, which reportedly exceeded both management’s and analysts’ expectations.
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