BofA downgraded ProKidney due to weaker outlook for REACT drug, with price target cut to $1.

From Financial Modeling Prep: 2025-06-30 15:20:00

BofA Securities downgraded ProKidney (NASDAQ:PROK) to Underperform from Neutral, slashing price target to $1 from $3 due to reduced outlook for REACT drug targeting diabetic chronic kidney disease. Shares dropped over 10% intra-day. Peak sales now estimated at $900 million, with 40% probability of success. Phase 3 data not expected before Q3 2027.

Experts foresee tougher competition and need for tighter patient segmentation impacting REACT’s market potential. BofA’s caution extends to lack of near-term catalysts and financing risks, leading to negative risk/reward profile. Revised $1 price objective reflects diminished valuation outlook for ProKidney based on discounted cash flow analysis.



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