HC Wainwright Reiterates “Buy” Rating for Prelude Therapeutics (NASDAQ:PRLD)

Prelude Therapeutics (NASDAQ:PRLD)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $8.00 target price on the stock. HC Wainwright’s price objective points to a potential upside of 72.41% from the stock’s current price.

A number of other analysts have also recently commented on PRLD. Wall Street Zen upgraded shares of Prelude Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday. D. Boral Capital began coverage on Prelude Therapeutics in a research note on Monday, May 4th. They issued a “buy” rating and a $9.00 target price for the company. Zacks Research upgraded Prelude Therapeutics to a “hold” rating in a report on Tuesday, April 28th. Finally, Weiss Ratings raised Prelude Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 1st. Three investment 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.67.

Prelude Therapeutics Price Performance

Shares of NASDAQ:PRLD opened at $4.64 on Wednesday. The firm’s 50 day simple moving average is $4.31 and its 200 day simple moving average is $3.63. Prelude Therapeutics has a fifty-two week low of $0.75 and a fifty-two week high of $5.69. The company has a market capitalization of $369.53 million, a price-to-earnings ratio of -4.64 and a beta of 0.95.

Prelude Therapeutics (NASDAQ:PRLD) last issued its earnings results on Tuesday, May 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.14. The firm had revenue of $4.58 million during the quarter, compared to the consensus estimate of $4.58 million. Equities research analysts expect that Prelude Therapeutics will post -0.62 earnings per share for the current year.

Institutional Trading of Prelude Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its holdings in shares of Prelude Therapeutics by 170.7% in the first quarter. AQR Capital Management LLC now owns 33,823 shares of the company’s stock valued at $26,000 after purchasing an additional 21,330 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Prelude Therapeutics during the second quarter worth about $34,000. XTX Topco Ltd grew its holdings in shares of Prelude Therapeutics by 72.4% during the second quarter. XTX Topco Ltd now owns 42,573 shares of the company’s stock worth $34,000 after buying an additional 17,873 shares in the last quarter. Shay Capital LLC acquired a new stake in Prelude Therapeutics in the 2nd quarter valued at approximately $61,000. Finally, Jane Street Group LLC acquired a new stake in Prelude Therapeutics in the 2nd quarter valued at approximately $74,000. Institutional investors and hedge funds own 79.72% of the company’s stock.

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.