BofA analyst Jason Gerberry lowered the firm’s price target on ProKidney to $3 from $4 and keeps a Neutral rating on the shares. The firm’s target change primarily reflects a recent financing and the company’s cash runway, notes the analyst, who estimates that the company’s cash runway stops about half a year short of the pivotal readout for the company’s cell therapy treatment Phase 3 study aimed at delaying or stopping progression of chronic kidney disease.
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