Right after the biotech company ProKidney announced last summer that it was building a $458 million facility in Greensboro and hiring over 300 workers, the company’s stock was flying pretty high.
However, since then, the fall of the company’s stock price has been nothing short of amazing.
Earlier this month, Bank of America stock analysts downgraded the stock from buy to neutral and slashed the price target from $8 a share to $2 a share. In recent months, the stock has flirted with a price of a dollar a share.
In a financial report released in November 2023, ProKidney officials stated that the company was well capitalized “for its future growth plans,” and did not suggest any change of plans for the Greensboro operations.
The stock was trading at over $13 a share on August 1, 2023, when the future looked golden and the company had just closed on the purchase of a 210,000 square-foot building in Greensboro. There, it plans to put a new facility where the company will make “REACT” – ProKidney’s key product for treating kidney disease.
By late September, the stock had fallen to under $5 a share.
On Wednesday, Jan. 17, the stock traded as low as $1.33 a share and closed at $1.37.
ProKidney stock fell as low as $1.12 per share in late 2023.
The company, which is based out of Winston-Salem, hasn’t said much publicly in recent months. The last press release from ProKidney was on Thursday, Nov. 30 when the company announced that a new chief business officer had been named.
The City of Greensboro, Guilford County, the State of North Carolina and Duke Energy have approved incentives packages that total over $35 million for ProKidney contingent on the company completing its stated plans for its Greensboro operation.