Prelude Therapeutics (NASDAQ:PRLD) Stock Price Up 9.3% – Should You Buy?

Shares of Prelude Therapeutics Incorporated (NASDAQ:PRLD) were up 9.3% during trading on Thursday . The company traded as high as $6.11 and last traded at $6.32. Approximately 324,668 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 408,125 shares. The stock had previously closed at $5.78.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. D. Boral Capital began coverage on shares of Prelude Therapeutics in a report on Monday, May 4th. They issued a “buy” rating and a $9.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Prelude Therapeutics in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Prelude Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Zacks Research raised shares of Prelude Therapeutics to a “hold” rating in a report on Tuesday, April 28th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $7.67.

Prelude Therapeutics Price Performance

The company has a fifty day moving average price of $4.75 and a 200 day moving average price of $4.02. The company has a market cap of $528.01 million, a PE ratio of -9.08 and a beta of 0.96.

Prelude Therapeutics (NASDAQ:PRLD) last announced its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The company had revenue of $5.70 million during the quarter, compared to analysts’ expectations of $5.70 million. As a group, sell-side analysts predict that Prelude Therapeutics Incorporated will post -0.62 EPS for the current fiscal year.

Institutional Trading of Prelude Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in PRLD. GSA Capital Partners LLP purchased a new position in Prelude Therapeutics in the second quarter worth $68,000. Hsbc Holdings PLC purchased a new stake in Prelude Therapeutics during the second quarter valued at about $74,000. Bank of America Corp DE bought a new stake in Prelude Therapeutics during the second quarter worth about $127,000. Deutsche Bank AG bought a new stake in Prelude Therapeutics during the second quarter worth about $148,000. Finally, State of Wyoming bought a new stake in Prelude Therapeutics during the second quarter worth about $175,000. Hedge funds and other institutional investors own 79.72% of the company’s stock.

About Prelude Therapeutics

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.