Prelude Therapeutics (NASDAQ:PRLD) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Analysts at JPMorgan Chase & Co. assumed coverage on shares of Prelude Therapeutics (NASDAQ:PRLD) in a research note issued on Thursday, Benzinga reports. The firm set an “overweight” rating and a $12.00 price target on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 168.46% from the company’s previous close.

A number of other analysts also recently weighed in on PRLD. Weiss Ratings restated a “sell (d-)” rating on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. Finally, Wall Street Zen raised shares of Prelude Therapeutics from a “hold” rating to a “buy” rating in a research note on Sunday, September 6th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.75.

Prelude Therapeutics Trading Down 1.1%

Shares of NASDAQ PRLD opened at $4.47 on Thursday. The business has a 50-day moving average of $5.03 and a 200-day moving average of $4.41. The firm has a market capitalization of $356.71 million, a price-to-earnings ratio of -6.12 and a beta of 0.97. Prelude Therapeutics has a 12 month low of $0.98 and a 12 month high of $6.83.

Prelude Therapeutics (NASDAQ:PRLD) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.06. The company had revenue of $5.70 million during the quarter, compared to the consensus estimate of $5.70 million. On average, analysts predict that Prelude Therapeutics will post -0.62 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. EcoR1 Capital LLC purchased a new stake in Prelude Therapeutics during the 1st quarter valued at about $3,239,000. ADAR1 Capital Management LLC purchased a new position in Prelude Therapeutics in the 1st quarter worth approximately $523,000. BlackRock Inc. bought a new stake in Prelude Therapeutics in the second quarter valued at approximately $9,581,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Prelude Therapeutics in the second quarter valued at approximately $669,000. Finally, Hsbc Holdings PLC bought a new stake in Prelude Therapeutics in the second quarter valued at approximately $74,000. 79.72% of the stock is owned by institutional investors.

Prelude Therapeutics Company Profile

Prelude Therapeutics Inc is a clinical-stage biopharmaceutical company focused on discovering and developing precision medicines for cancer. The company’s research is centered on small-molecule therapies designed to target biological mechanisms that cancer cells depend on, including epigenetic regulators and other proteins involved in tumor growth and survival.

Prelude’s development programs have included PRT2527, a selective cyclin-dependent kinase 9 (CDK9) inhibitor; PRT3789, a SMARCA2 protein degrader; and PRT1419, an inhibitor of the MCL1 protein.