JPMorgan Chase & Co. Initiates Coverage on Prelude Therapeutics (NASDAQ:PRLD)

Key Points

• JPMorgan initiated coverage of Prelude Therapeutics with an “overweight” rating and a $12 price target, implying approximately 168% upside from the reported $4.47 share price.
• Analyst sentiment is generally favorable: four analysts rate the stock a Buy, one a Hold, and one a Sell, resulting in a consensus “Moderate Buy” rating and an average price target of $8.75.
• Prelude reported a quarterly loss of $0.14 per share, beating the $0.20 consensus loss estimate, while institutional investors own approximately 79.72% of the company.

Stock analysts at JPMorgan Chase & Co. began coverage on shares of Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) in a research note issued on Thursday, Benzinga reports. The brokerage set an "overweight" rating and a $12.00 price target on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 168.46% from the stock's current price.

PRLD has been the topic of several other reports. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price objective on shares of Prelude Therapeutics in a report on Wednesday, July 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. Finally, Wall Street Zen raised shares of Prelude Therapeutics from a "hold" rating to a "buy" rating in a research report on Sunday, September 6th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $8.75.

Prelude Therapeutics Trading Down 1.1%

NASDAQ:PRLD opened at $4.47 on Thursday. The stock has a market capitalization of $356.71 million, a PE ratio of -6.12 and a beta of 0.97. The firm's 50 day moving average is $5.03 and its 200 day moving average is $4.41. Prelude Therapeutics has a 12 month low of $0.98 and a 12 month high of $6.83.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share 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 the consensus estimate of $5.70 million. Research analysts predict that Prelude Therapeutics will post -0.62 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Prelude Therapeutics in the second quarter worth about $9,581,000. EcoR1 Capital LLC purchased a new position in Prelude Therapeutics during the first quarter valued at approximately $3,239,000. ADAR1 Capital Management LLC bought a new stake in Prelude Therapeutics during the 2nd quarter worth approximately $4,802,000. Renaissance Technologies LLC increased 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 worth $941,000 after acquiring an additional 3,900 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Prelude Therapeutics in the 2nd quarter worth approximately $669,000. Institutional investors own 79.72% of the company's stock.

About Prelude Therapeutics

Prelude Therapeutics Inc is a clinical-stage biopharmaceutical company focused on discovering and developing precision medicines for cancer. The company's research is centered on small-molecule therapies designed to target biological mechanisms that cancer cells depend on, including epigenetic regulators and other proteins involved in tumor growth and survival.

Prelude's development programs have included PRT2527, a selective cyclin-dependent kinase 9 (CDK9) inhibitor; PRT3789, a SMARCA2 protein degrader; and PRT1419, an inhibitor of the MCL1 protein.

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