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Shortly after biotech company Prokidney announced last summer that it would build a $458 million facility in Greensboro and hire more than 300 people, its stock price soared considerably.
However, the decline in the company’s stock price since then has been surprising.
Earlier this month, equity analysts at Bank of America downgraded the company’s stock from “buy” to “neutral” and lowered their price target from $8.00 to $2.00 per share. The company’s stock price has hovered around $1 per share in recent months.
In a financial report released in November 2023, Prokidney officials said the company is well-capitalized “for future growth plans” and did not comment on any changes in plans for the Greensboro operation. Didn’t suggest it.
On August 1, 2023, the company’s stock was trading above $13 per share, when the future looked golden and the company had just completed the purchase of a 210,000-square-foot building in Greensboro. . The company plans to locate a new facility there to manufacture React, Procydny’s main product for treating kidney disease.
By late September, the stock price had fallen to less than $5 per share.
On Wednesday, January 17th, the stock traded as low as $1.33 per share and closed at $1.37.
Prokidney’s stock price fell to $1.12 per share in late 2023.
The Winston-Salem-based company has not said much publicly in recent months. The last press release from ProKidney was on Thursday, November 30th, when the company announced that a new Chief Business Officer has been appointed.
The City of Greensboro, Guilford County, the State of North Carolina, and Duke Energy have awarded Prokidney an incentive package totaling more than $35 million, conditional on the company completing established plans for its Greensboro operations. Acknowledged.
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