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

by · The Markets Daily

HC Wainwright reaffirmed their buy rating on shares of Prelude Therapeutics (NASDAQ:PRLD – Free Report) in a report issued on Monday,Benzinga reports. HC Wainwright currently has a $5.00 price target on the stock.

Separately, JMP Securities reaffirmed a “market outperform” rating and issued a $4.00 price target on shares of Prelude Therapeutics in a research report on Tuesday, April 29th.

View Our Latest Report on PRLD

Prelude Therapeutics Stock Performance

Shares of PRLD opened at $0.76 on Monday. Prelude Therapeutics has a fifty-two week low of $0.61 and a fifty-two week high of $6.80. The firm’s 50-day simple moving average is $0.75 and its two-hundred day simple moving average is $0.98. The stock has a market cap of $33.33 million, a PE ratio of -0.43 and a beta of 1.30.

Prelude Therapeutics (NASDAQ:PRLD – Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.05. Equities research analysts predict that Prelude Therapeutics will post -1.81 EPS for the current year.

Insider Buying and Selling

In related news, insider Andrew Combs purchased 100,000 shares of Prelude Therapeutics stock in a transaction dated Tuesday, March 25th. The stock was purchased at an average cost of $0.69 per share, for a total transaction of $69,000.00. Following the completion of the purchase, the insider now directly owns 480,123 shares of the company’s stock, valued at $331,284.87. The trade was a 26.31 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Krishna Vaddi acquired 47,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average price of $0.71 per share, for a total transaction of $33,725.00. Following the transaction, the chief executive officer now owns 1,214,775 shares of the company’s stock, valued at $862,490.25. This trade represents a 4.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 822,500 shares of company stock worth $568,475 in the last three months. Insiders own 62.80% of the company’s stock.

Institutional Investors Weigh In On Prelude Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in Prelude Therapeutics by 86.0% in the third quarter. Barclays PLC now owns 27,165 shares of the company’s stock worth $57,000 after purchasing an additional 12,564 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Prelude Therapeutics in the 4th quarter worth approximately $26,000. Geode Capital Management LLC boosted its holdings in shares of Prelude Therapeutics by 8.2% in the third quarter. Geode Capital Management LLC now owns 391,716 shares of the company’s stock worth $811,000 after buying an additional 29,765 shares during the last quarter. Marshall Wace LLP grew its position in Prelude Therapeutics by 9.2% during the fourth quarter. Marshall Wace LLP now owns 392,155 shares of the company’s stock valued at $498,000 after buying an additional 33,018 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Prelude Therapeutics by 925.0% during the fourth quarter. JPMorgan Chase & Co. now owns 61,149 shares of the company’s stock valued at $78,000 after buying an additional 55,183 shares during the last quarter. 79.72% of the stock is currently owned by hedge funds and other institutional investors.

Prelude Therapeutics Company Profile

(Get Free Report)

Prelude Therapeutics Incorporated, a clinical-stage biopharmaceutical company, focuses on the discovery and development of novel precision cancer medicines to underserved patients. It is developing PRT1419, a myeloid cell leukemia-1 inhibitor, which is in Phase 1 clinical trial for the treatment of selected relapsed/refractory myeloid or B-cell malignancies; PRT2527, a cyclin-dependent kinase, which is in Phase 1 clinical trial for the treatment of advanced solid tumors; PRT3645, a cyclin-dependent kinase 4/6 inhibitor, which is in Phase 1 clinical trial for the treatment of advanced and metastatic solid tumors; and PRT3879, a SMARCA2 selective protein degrader, which is in Phase 2/3 clinical trial for the treatment of advanced and metastatic solid tumors with loss of SMARCA4 due to truncating mutation and/or deletion.

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