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

Key Points

• Wall Street Zen upgraded Prelude Therapeutics from “Hold” to “Buy,” though analysts remain divided: MarketBeat reports a consensus “Hold” rating and a $7.67 price target.
• Prelude’s stock opened at $5.46, with a market capitalization of approximately $435.7 million and a 52-week range of $0.98 to $6.83.
• The company’s latest quarterly loss of $0.14 per share beat estimates of $0.20, while institutional investors hold approximately 79.7% of outstanding shares.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Sunday, Wall Street Zen reports.

Several other analysts also recently issued reports on PRLD. Weiss Ratings reissued a "sell (d-)" rating on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price objective on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. Three 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. According to data from MarketBeat.com, Prelude Therapeutics presently has a consensus rating of "Hold" and a consensus price target of $7.67.

Prelude Therapeutics Stock Up 4.0%

Prelude Therapeutics stock opened at $5.46 on Friday. The stock has a market capitalization of $435.71 million, a PE ratio of -7.48 and a beta of 0.97. Prelude Therapeutics has a twelve month low of $0.98 and a twelve month high of $6.83. The company has a 50 day moving average of $5.06 and a 200-day moving average of $4.27.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.06. The company had revenue of $5.70 million for the quarter, compared to the consensus estimate of $5.70 million. Equities analysts anticipate that Prelude Therapeutics will post -0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Prelude Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC raised its stake in Prelude Therapeutics by 1.4% in the first 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. GSA Capital Partners LLP acquired a new stake in shares of Prelude Therapeutics in the second quarter valued at approximately $68,000. Hsbc Holdings PLC bought a new position in shares of Prelude Therapeutics during the 2nd quarter worth approximately $74,000. XTX Topco Ltd boosted its stake in shares of Prelude Therapeutics by 72.4% during the 2nd quarter. XTX Topco Ltd now owns 42,573 shares of the company's stock worth $34,000 after acquiring an additional 17,873 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Prelude Therapeutics by 170.7% during the 1st quarter. AQR Capital Management LLC now owns 33,823 shares of the company's stock worth $26,000 after acquiring an additional 21,330 shares during the last quarter. Institutional investors own 79.72% of the company's stock.

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.

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