ProKidney Corp. (PROK) stock is continuing its remarkable ascent, surging 20.28% in pre-market trading on Thursday. This latest jump comes on the heels of two consecutive days of significant gains, with the stock rising 5.99% on Wednesday following an extraordinary 515% leap on Tuesday.

The dramatic rally is fueled by ProKidney's recent announcement of positive topline results from its Phase 2 REGEN-007 trial for rilparencel, the company's lead candidate for treating chronic kidney disease in diabetic patients. The trial demonstrated statistically significant and clinically meaningful improvements in kidney function, specifically showing a decline in the slope of the estimated glomerular filtration rate (eGFR), which was the study's primary endpoint. Importantly, the treatment also exhibited a favorable safety profile with no treatment-related serious adverse events reported.

Investors and analysts remain bullish on ProKidney's potential breakthrough in chronic kidney disease treatment. Guggenheim has reiterated its Buy rating on the stock with a price target of $6.00, while Citigroup has 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, the company 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, potentially paving the way for an accelerated approval process. As ProKidney continues to address the significant unmet need in chronic kidney disease treatment, market participants will be closely monitoring further clinical developments and regulatory discussions.