In mid-2023, ProKidney Corp., a medical tech company based out of Winston-Salem, announced that it would be opening a big facility in Greensboro and bringing 330 jobs to the city.  Not long after that, the company’s stock fell from $13 a share to nearly $1 a share.

The dramatic fall of the stock price caused some company watchers to do a double take and made them wonder if that would affect ProKidney’s expansion plans.  The City of Greensboro, Guilford County, the State of North Carolina and Duke Energy had approved incentives packages that total over $35 million for ProKidney – contingent on the company completing its stated plans for its Greensboro operation.

In the last few days, however, the stock has shown it was down but not out.

At the close of the market on Tuesday, May 14, the stock had risen over 33 percent in a single day ­– making it the 10th biggest upward mover of all stocks on the US exchanges.

It closed the day at $4.12 on a volume of 2,688,907 shares giving the company a market cap of $956 million.

 The stock continued to rise in after-hours trading and it reached a price of roughly double what it was one week earlier.

It still has a long way to go to get back to where it was last summer, but those rooting for the company and its kidney disease treatment were happy to see its market cap heading in the right direction again.

The uptick started after the company announced earnings on May 10, when it reported a Q1 net loss of 16 cents per diluted share – meaning that the amount of the loss amount was essentially unchanged from a year earlier.

 Apparently, many investors were expecting to see results worse than that. Some analysts had predicted a loss almost three times that bad.

The stock price was at over $13 a share on August 1, 2023, soon after the company closed on the purchase of a 210,000 square-foot building in Greensboro, where plans are to put a new facility to make “REACT” – ProKidney’s main product, which is designed to battle kidney disease and even hopefully reverse it.  The company stated last year that it planned to invest $458 million in the facility.

But, by late September, the stock had fallen to under $5 a share and, by January, it was trading at just over $1 a share.

In a financial report released in November of last year, ProKidney officials stated that the company was well capitalized for its future growth plans, and the company didn’t announce any change of plans for its declared Greensboro operations.