Shares of ProKidney Corp. (NASDAQ:PROK) jumped 65% in pre-market trading Wednesday, extending the dramatic rally seen on Tuesday, when the stock surged over 500% following encouraging clinical trial results.
The price boost followed Citi’s decision to raise its price target from $6 to $9, driven by stronger-than-anticipated topline outcomes from the Phase 2 REGEN-007 trial. This study evaluated rilparencel in patients with Type 1 and Type 2 diabetes who also suffer from chronic kidney disease. ProKidney’s stock closed Tuesday at $3.73.
Citi’s analysts increased their estimated probability of success for the treatment to 60%, a 10-point increase, after data showed a statistically significant improvement in stabilizing the estimated glomerular filtration rate (eGFR) slope for Group 1 patients who received injections in both kidneys.
The analysts highlighted that this result could pave the way for accelerated approval in the upcoming Phase 3 trial, pending confirmation from the FDA. While the FDA has accepted eGFR slope as a valid surrogate endpoint, details regarding follow-up duration and sample size requirements remain under discussion.
Citi is eagerly awaiting the full data release, including eGFR plots, scheduled for presentation at the American Society of Nephrology conference, which will provide further clarity on the trial’s impact — results that reportedly surpassed both management and analyst expectations.
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