ProKidney Corp. (PROK) stock continued its impressive rally, soaring 5.99% in Wednesday's trading session. This surge follows an extraordinary 515% jump in the previous trading day, as investors remain bullish on the company's recent breakthrough in chronic kidney disease treatment.
The cell therapy developer's stock has been on a tear since announcing positive topline results from its Phase 2 REGEN-007 trial for its lead candidate, rilparencel. The experimental therapy showed statistically significant and clinically meaningful improvements in patients with chronic kidney disease and diabetes. Specifically, the trial demonstrated a decline in the slope of the estimated glomerular filtration rate (eGFR), meeting the study's primary endpoint.
Investors and analysts alike have responded enthusiastically to these results. Guggenheim reiterated its Buy rating on ProKidney with a price target of $6.00, while Citigroup maintained its Buy rating as well. The positive trial outcomes have not only boosted confidence in rilparencel but also in the design of ProKidney's ongoing Phase 3 PROACT 1 trial, which uses a similar dosing regimen.
Looking ahead, ProKidney is preparing for a Type B meeting with the FDA to discuss the potential use of eGFR slope as a surrogate endpoint in the PROACT 1 trial. This could pave the way for an accelerated approval process for rilparencel, further fueling investor optimism. As the company continues to make strides in addressing the significant unmet need in chronic kidney disease treatment, market participants will be closely watching for any updates on regulatory discussions and further clinical developments.
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