ProKidney Soars 30%+ Tuesday and Nearly 90% in Less Than a Week
$ProKidney(PROK.US$ rose more than 30% Tuesday as the biotech firm rallied for the fourth straight session – a run-up that's seen the stock rise nearly 90% in less than a week.
PROK gained 30.1% to close at $2.72, up 87.6% from last Wednesday's close at $1.45.
ProKidney has been soaring despite no news announcements, although the stock's rally began the day after $Vertex Pharmaceuticals(VRTX.US$ unveiled plans to buy biotech $Alpine Immune(ALPN.US$ for $4.9 billion in cash. Vertex is paying $65 a share – a 67% premium from where Alpine was trading at prior to the deal.
Alpine's drug pipeline includes one candidate for treating autoimmune kidney diseases. Meanwhile, ProKidney is attempting to develop drugs for chronic kidney disease.
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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