ProKidney, the biotech company that’s planning a $458 million facility in Greensboro, , may have a very bright future.
However, investors in the publicly traded company didn’t show much optimism on Thursday, Oct. 12, when a new selloff caused the stock to plummet 30 percent.
That drop Thursday, which left the stock at $2.60 per share at noon, removed nearly a third of the company’s market cap in one morning – and that fall, from a price of over $4 a share the previous day, followed in the wake of another precipitous drop over late summer.
ProKidney stock was trading at over $13 a share on August 1, 2023, right after the company closed on the purchase of a 210,000 square-foot building in Greensboro and 22 acres of surrounding land, that’s planned to be the new facility where the company will make “REACT” – the company’s flagship product meant to treat and hopefully even reverse some forms of kidney disease. By late September, the stock had fallen to under $5 a share. In other words, ProKidney had lost roughly two-thirds of its value in less than two months before dropping by another 30 percent Thursday morning.
The fall of the stock price on October 12 was apparently caused by the same thing that helped lead to the previous huge drop, Security and Exchange Commission filings that revealed a large sell of stock by a company insider.
The company, which is based out of Winston-Salem, has stated its plans to create 330 new jobs at the coming Greensboro facility.
The City of Greensboro, Guilford County, the State of North Carolina and Duke Energy approved incentives packages that total over $35 million for ProKidney.
All those incentives are conditional. They’re based on the company following through with the creation of at least 330 new jobs before December 31, 2028, and a project investment of approximately $458 million by the company by the last day of 2027.