ProKidney Corp. (PROK) stock continued its remarkable ascent in Thursday's pre-market trading, surging 24.88% following two consecutive days of significant gains. This latest jump comes after the stock rose 5.99% on Wednesday and an extraordinary 515% on Tuesday, bringing the three-day rally to over 615%.
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.
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