BofA downgrades ProKidney on concerns about experimental kidney disease treatment

Cell therapy developer ProKidney's PROK.O shares dip ~10% in early morning trading

BofA Global Research cuts stock rating to "underperform" from "neutral" and trims price objective to a Wall-Street low of $1 from $3

Brokerage says the bearish rating is to reflect a more conservative peak sales outlook for REACT, the company's experimental cell therapy being tested as a treatment of diabetic chronic kidney disease (CKD)

BofA sees REACT as a high-risk program, given limitations in its Phase 2 data, and remains cautious that PROK can significantly accelerate its expected Phase 3 timeline from the current target of Q3 2027

Avg rating of six brokerages is "buy"; their median PT is $4.50, according to data compiled by LSEG

Its stock has lost ~64% so far this year