Prelude Therapeutics (NASDAQ:PRLD) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Prelude Therapeutics (NASDAQ:PRLD) announced its quarterly earnings results on Tuesday. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.06, FiscalAI reports. The firm had revenue of $5.70 million for the quarter, compared to analyst estimates of $4.78 million.

Prelude Therapeutics Trading Up 10.1%

Shares of NASDAQ PRLD opened at $5.32 on Wednesday. Prelude Therapeutics has a twelve month low of $0.75 and a twelve month high of $5.85. The company has a market capitalization of $423.71 million, a price-to-earnings ratio of -5.32 and a beta of 0.96. The firm has a 50-day moving average of $4.45 and a two-hundred day moving average of $3.81.

Institutional Trading of Prelude Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC lifted its position in shares of Prelude Therapeutics by 361.7% during the 3rd quarter. Millennium Management LLC now owns 1,147,044 shares of the company’s stock valued at $1,652,000 after acquiring an additional 898,621 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Prelude Therapeutics by 6.5% during the third quarter. Vanguard Group Inc. now owns 992,854 shares of the company’s stock worth $1,430,000 after purchasing an additional 60,284 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Prelude Therapeutics by 9.1% during the first quarter. Acadian Asset Management LLC now owns 529,327 shares of the company’s stock valued at $405,000 after purchasing an additional 43,946 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Prelude Therapeutics during the fourth quarter valued at $794,000. Finally, Geode Capital Management LLC boosted its position in shares of Prelude Therapeutics by 25.4% in the 4th quarter. Geode Capital Management LLC now owns 272,886 shares of the company’s stock valued at $792,000 after purchasing an additional 55,318 shares during the period. 79.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.