ProKidney Sinks 15%+, Snapping Five-Session Run-Up That Saw Biotech More than Double in Less Than a Week
$ProKidney(PROK.US$ sank more than 15% Thursday as the biotech snapped a five-session winning streak that saw its price rise some 130% in just days.
PROK fell 15.5% to close at $2.40, ending a run-up that began last Thursday, April 11, despite no apparent news.
Shares gained 132.4% between the stock's $1.45 close on April 10 and its $3.37 peak this past Wednesday.
ProKidney, which is trying to develop drugs for kidney diseases, had been soaring even though the company issued no news announcements or securities filings during its run-up.
Thursday's pullback likewise had no apparent catalyst other than a securities filing disclosing that Chief Regulatory Officer Darin Weber had recently sold some $49,000 of company stock.
However, similar disclosures earlier this week of other stock sales by Weber hadn't dampened PROK's rally.
That said, the stock's rise coincided with news last week that $Vertex Pharmaceuticals(VRTX.US$ is buying rival biotech $Alpine Immune(ALPN.US$ for $4.9 billion in cash – a 67% premium over ALPN's market capitalization prior to the deal's announcement. Alpine's drug pipeline includes one kidney drug.
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