Prelude Therapeutics Incorporated (NASDAQ:PRLD) Short Interest Update

Prelude Therapeutics Incorporated (NASDAQ:PRLD) was the recipient of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 2,160,000 shares, a decrease of 30.3% from the February 13th total of 3,100,000 shares. Approximately 7.9% of the company’s shares are short sold. Based on an average trading volume of 392,100 shares, the short-interest ratio is currently 5.5 days.

Insider Activity at Prelude Therapeutics

In other news, insider Andrew Combs purchased 60,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were bought at an average cost of $1.37 per share, for a total transaction of $82,200.00. Following the completion of the purchase, the insider now directly owns 377,623 shares of the company’s stock, valued at approximately $517,343.51. This trade represents a 18.89 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Krishna Vaddi purchased 100,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were purchased at an average price of $0.93 per share, for a total transaction of $93,000.00. Following the completion of the purchase, the chief executive officer now directly owns 1,167,275 shares of the company’s stock, valued at $1,085,565.75. This represents a 9.37 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 245,575 shares of company stock worth $247,211. Insiders own 62.80% of the company’s stock.

Hedge Funds Weigh In On Prelude Therapeutics

Several large investors have recently bought and sold shares of the business. Boxer Capital Management LLC purchased a new position in Prelude Therapeutics in the fourth quarter valued at $2,178,000. Jacobs Levy Equity Management Inc. increased its holdings in Prelude Therapeutics by 280.9% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 666,574 shares of the company’s stock valued at $850,000 after buying an additional 491,595 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Prelude Therapeutics by 222.2% in the fourth quarter. Renaissance Technologies LLC now owns 634,500 shares of the company’s stock valued at $809,000 after buying an additional 437,600 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Prelude Therapeutics by 5.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 549,530 shares of the company’s stock valued at $1,138,000 after buying an additional 27,155 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Prelude Therapeutics by 188.2% in the fourth quarter. Millennium Management LLC now owns 462,555 shares of the company’s stock valued at $590,000 after buying an additional 302,031 shares during the last quarter. Hedge funds and other institutional investors own 79.72% of the company’s stock.

Prelude Therapeutics Stock Performance

Shares of Prelude Therapeutics stock traded down $0.02 during trading hours on Tuesday, reaching $0.74. 10,914 shares of the company were exchanged, compared to its average volume of 243,366. Prelude Therapeutics has a 1 year low of $0.66 and a 1 year high of $6.80. The stock’s fifty day moving average is $0.96 and its 200 day moving average is $1.54. The firm has a market cap of $40.70 million, a PE ratio of -0.41 and a beta of 1.43.

Prelude Therapeutics (NASDAQ:PRLD) last posted its quarterly earnings data on Monday, March 10th. The company reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.11. The company had revenue of $4.00 million for the quarter. Research analysts expect that Prelude Therapeutics will post -1.81 earnings per share for the current year.

Analysts Set New Price Targets

Separately, JMP Securities restated a “market outperform” rating and set a $4.00 price target (down from $7.00) on shares of Prelude Therapeutics in a research note on Wednesday, December 11th.

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.