Prelude Therapeutics (NASDAQ:PRLD) Raised to Buy at Wall Street Zen

Prelude Therapeutics (NASDAQ:PRLD) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

PRLD has been the subject of a number of other reports. Zacks Research raised shares of Prelude Therapeutics to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings upgraded Prelude Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. D. Boral Capital began coverage on Prelude Therapeutics in a research report on Monday, May 4th. They issued a “buy” rating and a $9.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating on shares of Prelude Therapeutics in a research report on Wednesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.67.

Prelude Therapeutics Price Performance

PRLD stock opened at $3.83 on Friday. Prelude Therapeutics has a twelve month low of $0.75 and a twelve month high of $5.69. The stock has a market cap of $305.02 million, a P/E ratio of -3.83 and a beta of 0.95. The business’s 50-day moving average price is $4.31 and its 200-day moving average price is $3.61.

Prelude Therapeutics (NASDAQ:PRLD) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.14. The company had revenue of $4.58 million for the quarter, compared to the consensus estimate of $4.58 million. On average, equities research analysts expect that Prelude Therapeutics will post -0.62 earnings per share for the current fiscal year.

Institutional Trading of Prelude Therapeutics

A number of large investors have recently made changes to their positions in the business. Millennium Management LLC increased its stake in Prelude Therapeutics by 361.7% during the third quarter. Millennium Management LLC now owns 1,147,044 shares of the company’s stock worth $1,652,000 after acquiring an additional 898,621 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Prelude Therapeutics by 6.5% in the 3rd 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. EcoR1 Capital LLC purchased a new position in shares of Prelude Therapeutics in the 1st quarter worth approximately $3,239,000. Acadian Asset Management LLC increased its position in shares of Prelude Therapeutics by 9.1% during the 1st 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. Finally, Renaissance Technologies LLC raised its holdings in Prelude Therapeutics by 1.4% during the 1st quarter. Renaissance Technologies LLC now owns 275,200 shares of the company’s stock valued at $941,000 after buying an additional 3,900 shares during the period. 79.72% of the stock is currently owned by institutional investors.

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.