Wall Street Zen Downgrades Prelude Therapeutics (NASDAQ:PRLD) to Hold

Key Points

• Wall Street Zen downgraded Prelude Therapeutics to “Hold” from “Buy.” Overall analyst sentiment is also “Hold,” with three Buys, one Hold and one Sell, and a consensus price target of $7.67.
• Prelude shares fell 13.7% to $5.47 in Friday trading, though the stock remains above its 50-day and 200-day moving averages. The company has a market capitalization of approximately $436.5 million.
• Prelude reported a quarterly loss of $0.14 per share, beating expectations for a $0.20 loss, while revenue matched estimates at $5.7 million. Hedge funds and institutional investors own roughly 79.7% of the shares.

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

Several other analysts have also commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. D. Boral Capital initiated coverage on Prelude Therapeutics in a research report on Monday, May 4th. They issued a "buy" rating and a $9.00 price objective for the company. Finally, HC Wainwright restated a "buy" rating and issued a $8.00 target price 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 assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $7.67.

Prelude Therapeutics Stock Down 13.7%

Shares of PRLD traded down $0.87 during midday trading on Friday, reaching $5.47. The company had a trading volume of 725,051 shares, compared to its average volume of 496,097. Prelude Therapeutics has a 1-year low of $0.98 and a 1-year high of $6.83. The firm has a 50 day simple moving average of $4.94 and a 200-day simple moving average of $4.16. The stock has a market cap of $436.51 million, a PE ratio of -7.49 and a beta of 0.96.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.20) by $0.06. The firm had revenue of $5.70 million during the quarter, compared to analysts' expectations of $5.70 million. As a group, sell-side analysts anticipate that Prelude Therapeutics will post -0.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prelude Therapeutics

Several hedge funds have recently bought and sold shares of PRLD. AQR Capital Management LLC grew its position in Prelude Therapeutics by 170.7% in the 1st quarter. AQR Capital Management LLC now owns 33,823 shares of the company's stock valued at $26,000 after acquiring an additional 21,330 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Prelude Therapeutics by 72.4% during the second quarter. XTX Topco Ltd now owns 42,573 shares of the company's stock worth $34,000 after purchasing an additional 17,873 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Prelude Therapeutics during the second quarter worth about $34,000. Shay Capital LLC acquired a new stake in shares of Prelude Therapeutics during the second quarter worth about $61,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Prelude Therapeutics in the second quarter valued at approximately $68,000. Institutional investors and hedge funds 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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