** Cell therapy developer ProKidney's PROK.O shares dip ~10% in early morning trading
** BofA Global Research cuts stock rating to "underperform" from "neutral" and trims price objective to a Wall-Street low of $1 from $3
** Brokerage says the bearish rating is to reflect a more conservative peak sales outlook for REACT, the company's experimental cell therapy being tested as a treatment of diabetic chronic kidney disease (CKD)
** BofA sees REACT as a high-risk program, given limitations in its Phase 2 data, and remains cautious that PROK can significantly accelerate its expected Phase 3 timeline from the current target of Q3 2027
** Avg rating of six brokerages is "buy"; their median PT is $4.50, according to data compiled by LSEG
** Its stock has lost ~64% so far this year
(Reporting by Joel Jose in Bengaluru)
((joeljose@thomsonreuters.com;))
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