Citizens Jmp Raises Prelude Therapeutics (NASDAQ:PRLD) Price Target to $6.00

Prelude Therapeutics (NASDAQ:PRLD) had its target price hoisted by investment analysts at Citizens Jmp from $3.00 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective indicates a potential upside of 66.67% from the stock’s current price.

PRLD has been the subject of several other reports. Wall Street Zen cut shares of Prelude Therapeutics from a “buy” rating to a “hold” rating in a research report on Sunday, January 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.50.

Prelude Therapeutics Trading Up 16.5%

NASDAQ:PRLD opened at $3.60 on Wednesday. The company has a market cap of $226.33 million, a price-to-earnings ratio of -2.45 and a beta of 0.79. Prelude Therapeutics has a twelve month low of $0.61 and a twelve month high of $4.22. The stock has a fifty day simple moving average of $2.42 and a 200-day simple moving average of $1.85.

Prelude Therapeutics (NASDAQ:PRLD) last posted its quarterly earnings results on Tuesday, March 10th. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.13. The company had revenue of $5.64 million during the quarter, compared to the consensus estimate of $20.50 million. As a group, equities research analysts predict that Prelude Therapeutics will post -1.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Prelude Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd boosted its position in Prelude Therapeutics by 222.0% during the fourth quarter. XTX Topco Ltd now owns 50,159 shares of the company’s stock valued at $145,000 after purchasing an additional 34,581 shares in the last quarter. Sphera Funds Management LTD. purchased a new stake in shares of Prelude Therapeutics during the fourth quarter valued at about $356,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Prelude Therapeutics in the 4th quarter valued at about $212,000. Marshall Wace LLP bought a new stake in shares of Prelude Therapeutics in the 4th quarter valued at about $794,000. Finally, State Street Corp grew its position in shares of Prelude Therapeutics by 30.4% in the 4th quarter. State Street Corp now owns 127,292 shares of the company’s stock worth $369,000 after buying an additional 29,700 shares during the last quarter. 79.72% of the stock is currently owned by hedge funds and other 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.