ProKidney price target lowered to $6 from $15 at Citi

Citi lowered the firm’s price target on ProKidney to $6 from $15 and keeps a Buy rating on the shares. The company announced several updates, including updated results from the Phase 2 RMCL-002 study evaluating REACT in high-risk diabetic chronic kidney disease, adjustments to the proact 1 Phase 3 to enroll higher-risk patients, a pause in REACT manufacturing until the first half of 2024 to address deficiencies identified in a quality audit, and delayed timelines given the time required to adjust proact 1 and resolve the manufacturing deficiencies, the analyst tells investors in a research note. The firm adjusted ProKidney’s model to reflect the delayed timelines and narrowed proact 1 entry-criteria.