Prelude Therapeutics (NASDAQ:PRLD) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Prelude Therapeutics from “buy” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $8.75.
• Prelude shares rose 6.6% to open at $4.87, with the stock trading between $0.98 and $6.83 over the past year and a market capitalization of approximately $388.6 million.
• The company exceeded quarterly earnings expectations, reporting a loss of $0.14 per share versus the expected $0.20 loss, while institutional investors and hedge funds own 79.72% of its shares.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

Several other research analysts have also commented on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price target on shares of Prelude Therapeutics in a report on Wednesday, July 29th. JPMorgan Chase & Co. started coverage on shares of Prelude Therapeutics in a report on Thursday. They issued an "overweight" rating and a $12.00 target price on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Prelude Therapeutics in a report on Wednesday, July 29th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $8.75.

Prelude Therapeutics Trading Up 6.6%

Shares of NASDAQ PRLD opened at $4.87 on Friday. The company has a market capitalization of $388.63 million, a price-to-earnings ratio of -6.67 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 business has a 50 day simple moving average of $5.02 and a 200-day simple moving average of $4.43.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.20) by $0.06. The business had revenue of $5.70 million during the quarter, compared to analyst estimates of $5.70 million. As a group, equities analysts predict that Prelude Therapeutics will post -0.62 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC lifted its stake in shares of Prelude Therapeutics by 1.4% in 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. Spark Investment Management LLC bought a new position in shares of Prelude Therapeutics in the second quarter valued at approximately $56,000. GSA Capital Partners LLP acquired a new position in shares of Prelude Therapeutics during the second quarter valued at approximately $68,000. Hsbc Holdings PLC acquired a new position in shares of Prelude Therapeutics during the second quarter valued at approximately $74,000. Finally, Bank of America Corp DE bought a new stake in Prelude Therapeutics during the second quarter worth approximately $127,000. 79.72% of the stock is owned by institutional investors and hedge funds.

Prelude Therapeutics Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.