Prelude Therapeutics Incorporated (NASDAQ:PRLD) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Prelude Therapeutics Incorporated (NASDAQ:PRLD) has been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $8.75.

A number of research analysts recently issued reports on PRLD shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prelude Therapeutics in a report on Wednesday, July 29th. Wall Street Zen lowered shares of Prelude Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, September 19th. JPMorgan Chase & Co. began coverage on shares of Prelude Therapeutics in a research note on Thursday, September 17th. They issued an “overweight” rating and a $12.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Prelude Therapeutics in a report on Wednesday, July 29th.

Prelude Therapeutics Price Performance

PRLD opened at $3.83 on Thursday. The business has a 50 day moving average price of $4.98 and a two-hundred day moving average price of $4.51. The company has a market capitalization of $305.63 million, a price-to-earnings ratio of -5.25 and a beta of 0.97. Prelude Therapeutics has a 1-year low of $1.15 and a 1-year high of $6.83.

Prelude Therapeutics (NASDAQ:PRLD) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.06. The firm had revenue of $5.70 million for the quarter, compared to analyst estimates of $5.70 million. Equities analysts expect that Prelude Therapeutics will post -0.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Prelude Therapeutics

Several large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Prelude Therapeutics during the 2nd quarter valued at $9,581,000. ADAR1 Capital Management LLC acquired a new position in shares of Prelude Therapeutics in the 2nd quarter valued at about $4,802,000. EcoR1 Capital LLC acquired a new position in shares of Prelude Therapeutics in the 1st quarter valued at about $3,239,000. Renaissance Technologies LLC lifted its position in shares of Prelude Therapeutics by 1.4% in the first quarter. Renaissance Technologies LLC now owns 275,200 shares of the company’s stock worth $941,000 after purchasing an additional 3,900 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Prelude Therapeutics in the second quarter worth approximately $669,000. 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 developing precision medicines for cancer. The company uses cancer biology, medicinal chemistry and targeted drug-discovery approaches to identify small-molecule therapies designed to address genetic and molecular vulnerabilities in tumors.

Prelude’s investigational pipeline has included PRT3789, a selective SMARCA2 protein degrader being developed for cancers with SMARCA4 loss, and PRT2527, a selective cyclin-dependent kinase 9 (CDK9) inhibitor under evaluation for oncology applications.