Why Shares of ProKidney Were Dropping Thursday
Shares of ProKidney (NASDAQ: PROK) were down more than 33% as of 2 p.m. ET on Thursday. The healthcare stock is down more than 64% so far this year.
ProKidney is a clinical-stage biotech company that focuses on the treatment of chronic kidney disease (CKD). There were two things that helped drive the stock down on Thursday. First, the news on Wednesday that Novo Nordisk weight loss and diabetes drug Ozempic (semaglutide) did well in trials to prevent chronic kidney disease (CKD) negatively hit a lot of dialysis companies and companies such as ProKidney with CDK therapies.
The other factor that brought the stock's shares down was that Chamath Palihapitiya, one of the company's largest shareholders, sold 277,627 shares over the past two weeks, worth roughly $1.23 million, according to a Securities and Exchange Commission (SEC) filing. Palihapitiya is a venture capitalist and founder of the firm Social Capital.
Source Fool.com
