JMP Securities Reaffirms "Market Outperform" Rating for Prelude Therapeutics (NASDAQ:PRLD)

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report)'s stock had its "market outperform" rating reiterated by analysts at JMP Securities in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $4.00 price objective on the stock. JMP Securities' target price points to a potential upside of 343.95% from the stock's previous close.

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $5.00 target price on shares of Prelude Therapeutics in a report on Tuesday, April 8th.

Prelude Therapeutics Stock Performance

Shares of NASDAQ PRLD traded up $0.01 during midday trading on Tuesday, hitting $0.90. 28,596 shares of the stock traded hands, compared to its average volume of 266,365. The firm has a market capitalization of $50.87 million, a P/E ratio of -0.51 and a beta of 1.35. Prelude Therapeutics has a one year low of $0.61 and a one year high of $6.80. The firm has a 50-day moving average of $0.75 and a two-hundred day moving average of $1.02.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last posted its earnings results on Monday, March 10th. The company reported ($0.38) earnings per share for the quarter, beating analysts' consensus estimates of ($0.49) by $0.11. The firm had revenue of $4.00 million during the quarter. Equities analysts forecast that Prelude Therapeutics will post -1.81 earnings per share for the current fiscal year.

Insider Transactions at Prelude Therapeutics

In other Prelude Therapeutics news, CEO Krishna Vaddi purchased 47,500 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $0.71 per share, for a total transaction of $33,725.00. Following the purchase, the chief executive officer now owns 1,214,775 shares of the company's stock, valued at approximately $862,490.25. This represents a 4.07 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew Combs bought 100,000 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The shares were acquired at an average price of $0.69 per share, with a total value of $69,000.00. Following the transaction, the insider now directly owns 480,123 shares of the company's stock, valued at $331,284.87. This represents a 26.31 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 822,500 shares of company stock valued at $568,475 over the last three months. Corporate insiders own 62.80% of the company's stock.

Hedge Funds Weigh In On Prelude Therapeutics

Several institutional investors have recently bought and sold shares of the stock. Boxer Capital Management LLC bought a new position in shares of Prelude Therapeutics during the 4th quarter valued at about $2,178,000. Jacobs Levy Equity Management Inc. boosted its stake in Prelude Therapeutics by 280.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 666,574 shares of the company's stock valued at $850,000 after buying an additional 491,595 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Prelude Therapeutics by 222.2% during the 4th quarter. Renaissance Technologies LLC now owns 634,500 shares of the company's stock valued at $809,000 after buying an additional 437,600 shares in the last quarter. Millennium Management LLC increased its stake in Prelude Therapeutics by 188.2% in the 4th quarter. Millennium Management LLC now owns 462,555 shares of the company's stock worth $590,000 after acquiring an additional 302,031 shares during the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of Prelude Therapeutics by 526.3% during the 4th quarter. Two Sigma Advisers LP now owns 300,000 shares of the company's stock worth $382,000 after acquiring an additional 252,100 shares in the last quarter. 79.72% of the stock is owned by hedge funds and other institutional investors.

About Prelude Therapeutics

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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