By Tomi Kilgore
ProKidney goes from a penny stock to a $1 billion market cap in very volatile trading, after upbeat data on the biotech’s kidney disease and diabetes treatment
The stock of the day on Tuesday was ProKidney Corp.’s, as it was both the biggest gainer and the most actively traded on major U.S. exchanges, after the biotechnology company’s diabetes treatment produced positive results in a mid-stage trial.
Evercore ISI analyst Jonathan Miller said the results of the Phase 2 trial of rilparencel, for the treatment of chronic kidney disease and diabetes, were “very intriguing.” But he reiterated his in-line rating on the stock, writing, “we still have [questions]” heading into a Phase 3 trial.
And it could be 18 months before data from a Phase 3 trial is released.
The stock (PROK) had closed at 61 cents on Monday, to give ProKidney a market capitalization of about $178.55 million. That was the 17th straight session with a close below $1, and the 46th sub-$1 close over the past 47 sessions.
On Tuesday, the stock blasted 515% higher to close at a 14-month high of $3.73. Trading volume exploded to more than 327.3 million shares as of about 4:15 p.m. Eastern, compared with the full-day average of about 1.3 million shares.
The trading was so active that it was halted 45 times for volatility, between 10:15 a.m. Eastern and the closing bell at 4 p.m.
The company said the Regen-007 Phase 2 trial showed that those treated with rilparencel demonstrated a “robust improvement” in a measure of CKD and diabetes. Chief Executive Bruce Culleton said the data bolsters confidence in the design of the Phase 3 study.
Evercore’s Miller believes the Phase 3 trial in CKD could be a “major catalyst in the kidney space.” However, he said there are still some questions about the nuances of the data, which he “can’t reconcile completely.”
Miller said he there could be a readout on Phase 3 data as early as the end of 2026.
-Tomi Kilgore
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07-08-25 1709ET
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