Prelude Therapeutics Incorporated (NASDAQ:PRLD) Short Interest Down 22.1% in April

Prelude Therapeutics Incorporated (NASDAQ:PRLD) was the target of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 1,807,780 shares, a decrease of 22.1% from the March 31st total of 2,319,677 shares. Based on an average daily volume of 348,016 shares, the days-to-cover ratio is presently 5.2 days. Currently, 7.9% of the shares of the stock are short sold.

Insider Buying and Selling

In other Prelude Therapeutics news, Director Orbimed Advisors Llc bought 2,815,315 shares of Prelude Therapeutics stock in a transaction dated Tuesday, April 21st. The shares were bought at an average price of $4.44 per share, with a total value of $12,499,998.60. Following the purchase, the director owned 11,808,945 shares of the company’s stock, valued at $52,431,715.80. This trade represents a 31.30% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David P. Bonita acquired 2,815,315 shares of Prelude Therapeutics stock in a transaction on Tuesday, April 21st. The stock was acquired at an average cost of $4.44 per share, for a total transaction of $12,499,998.60. Following the completion of the purchase, the director owned 11,808,945 shares of the company’s stock, valued at approximately $52,431,715.80. The trade was a 31.30% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 63.90% of the company’s stock.

Hedge Funds Weigh In On Prelude Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Millennium Management LLC boosted its holdings in Prelude Therapeutics by 361.7% in the 3rd quarter. Millennium Management LLC now owns 1,147,044 shares of the company’s stock valued at $1,652,000 after purchasing an additional 898,621 shares during the period. Marshall Wace LLP bought a new stake in shares of Prelude Therapeutics in the fourth quarter valued at approximately $794,000. Sphera Funds Management LTD. bought a new position in Prelude Therapeutics during the 4th quarter worth $356,000. Jane Street Group LLC bought a new position in Prelude Therapeutics during the 2nd quarter worth $74,000. Finally, Shay Capital LLC acquired a new position in Prelude Therapeutics in the 2nd quarter valued at $61,000. 79.72% of the stock is currently owned by institutional investors and hedge funds.

Prelude Therapeutics Stock Performance

Shares of PRLD stock traded down $0.53 during midday trading on Friday, hitting $4.70. 1,106,132 shares of the company were exchanged, compared to its average volume of 392,103. The firm has a market capitalization of $296.10 million, a P/E ratio of -3.64 and a beta of 0.73. Prelude Therapeutics has a 52 week low of $0.73 and a 52 week high of $5.54. The firm’s 50 day moving average price is $3.65 and its two-hundred day moving average price is $2.52.

Prelude Therapeutics (NASDAQ:PRLD) last issued its quarterly earnings data on Tuesday, March 10th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.13. The firm had revenue of $5.64 million for the quarter, compared to the consensus estimate of $20.50 million. Analysts expect that Prelude Therapeutics will post -0.93 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. HC Wainwright boosted their price target on Prelude Therapeutics from $5.00 to $8.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Thursday, January 22nd. Citizens Jmp lifted their price objective on shares of Prelude Therapeutics from $3.00 to $6.00 and gave the company a “market outperform” rating in a report on Wednesday, March 11th. Zacks Research upgraded shares of Prelude Therapeutics to a “hold” rating in a report on Tuesday. Finally, Wall Street Zen lowered Prelude Therapeutics from a “buy” rating to a “hold” rating in a research report on Sunday, January 18th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $7.00.

Prelude Therapeutics Company Profile

Prelude Therapeutics Incorporated is a clinical-stage precision medicine company focused on the discovery and development of small molecule therapies for genetically defined oncology targets. By leveraging a chemical biology approach, the company aims to deliver targeted treatments that address key drivers of cancer cell growth and survival. Prelude’s pipeline emphasizes novel inhibitors designed to engage molecular pathways validated by both preclinical and clinical evidence.

Among Prelude’s lead programs is PRT2527, a selective PI3K‐alpha/delta inhibitor in Phase 1 clinical trials for solid tumors harboring PIK3CA and other pathway mutations.