Prelude Therapeutics (NASDAQ:PRLD) Receives Buy Rating from HC Wainwright

Prelude Therapeutics (NASDAQ:PRLD)‘s stock had its “buy” rating reissued by HC Wainwright in a report released on Friday,Benzinga reports. They currently have a $5.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 329.18% from the stock’s current price.

Separately, JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 target price on shares of Prelude Therapeutics in a report on Monday, September 16th.

Prelude Therapeutics Stock Performance

NASDAQ PRLD traded down $0.11 during trading hours on Friday, hitting $1.17. The company had a trading volume of 276,636 shares, compared to its average volume of 154,771. Prelude Therapeutics has a 1-year low of $1.10 and a 1-year high of $6.80. The company has a market cap of $64.10 million, a PE ratio of -0.67 and a beta of 1.56. The business has a 50 day moving average of $2.53 and a 200-day moving average of $3.79.

Prelude Therapeutics (NASDAQ:PRLD) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.46) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.46). Sell-side analysts expect that Prelude Therapeutics will post -1.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRLD. Acadian Asset Management LLC raised its holdings in Prelude Therapeutics by 42.7% during the first quarter. Acadian Asset Management LLC now owns 22,110 shares of the company’s stock worth $104,000 after purchasing an additional 6,615 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Prelude Therapeutics by 103.2% in the second quarter. Dimensional Fund Advisors LP now owns 29,074 shares of the company’s stock valued at $111,000 after buying an additional 14,769 shares in the last quarter. Kennedy Capital Management LLC purchased a new position in Prelude Therapeutics in the first quarter valued at about $119,000. Exchange Traded Concepts LLC increased its holdings in Prelude Therapeutics by 32.2% in the third quarter. Exchange Traded Concepts LLC now owns 64,409 shares of the company’s stock valued at $133,000 after buying an additional 15,682 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Prelude Therapeutics by 2.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 522,375 shares of the company’s stock valued at $1,990,000 after buying an additional 14,226 shares in the last quarter. 79.72% of the stock is owned by hedge funds and other institutional investors.

About Prelude Therapeutics

Prelude Therapeutics Incorporated, a clinical-stage biopharmaceutical company, focuses on the discovery and development of novel precision cancer medicines to underserved patients. It is developing PRT1419, a myeloid cell leukemia-1 inhibitor, which is in Phase 1 clinical trial for the treatment of selected relapsed/refractory myeloid or B-cell malignancies; PRT2527, a cyclin-dependent kinase, which is in Phase 1 clinical trial for the treatment of advanced solid tumors; PRT3645, a cyclin-dependent kinase 4/6 inhibitor, which is in Phase 1 clinical trial for the treatment of advanced and metastatic solid tumors; and PRT3879, a SMARCA2 selective protein degrader, which is in Phase 2/3 clinical trial for the treatment of advanced and metastatic solid tumors with loss of SMARCA4 due to truncating mutation and/or deletion.