Prelude Therapeutics (NASDAQ:PRLD) Given Market Outperform Rating at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Prelude Therapeutics (NASDAQ:PRLD - Free Report) in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $4.00 price target on the stock.

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

Prelude Therapeutics Trading Down 3.4 %

PRLD traded down $0.03 during trading on Tuesday, reaching $0.89. 85,025 shares of the company were exchanged, compared to its average volume of 269,298. Prelude Therapeutics has a 52 week low of $0.61 and a 52 week high of $6.80. The firm has a 50 day moving average of $0.75 and a 200 day moving average of $1.00. The stock has a market cap of $50.10 million, a P/E ratio of -0.50 and a beta of 1.35.

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

Insider Buying and Selling at Prelude Therapeutics

In related news, CEO Krishna Vaddi bought 675,000 shares of the business's stock in a transaction on Tuesday, March 25th. The stock was bought at an average price of $0.69 per share, for a total transaction of $465,750.00. Following the transaction, the chief executive officer now directly owns 1,999,296 shares in the company, valued at $1,379,514.24. This represents a 50.97 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew Combs acquired 100,000 shares of Prelude Therapeutics stock in a transaction that occurred on Tuesday, March 25th. The stock was acquired at an average cost of $0.69 per share, with a total value of $69,000.00. Following the purchase, the insider now owns 480,123 shares in the company, valued at $331,284.87. The trade was a 26.31 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 822,500 shares of company stock valued at $568,475. 62.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Prelude Therapeutics

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets acquired a new stake in Prelude Therapeutics in the 4th quarter valued at $26,000. Barclays PLC raised its position in shares of Prelude Therapeutics by 86.0% during the 3rd quarter. Barclays PLC now owns 27,165 shares of the company's stock valued at $57,000 after acquiring an additional 12,564 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Prelude Therapeutics by 925.0% during the fourth quarter. JPMorgan Chase & Co. now owns 61,149 shares of the company's stock worth $78,000 after purchasing an additional 55,183 shares during the period. Deutsche Bank AG lifted its stake in Prelude Therapeutics by 747.6% in the fourth quarter. Deutsche Bank AG now owns 123,899 shares of the company's stock valued at $159,000 after buying an additional 109,281 shares during the period. Finally, Rhumbline Advisers grew its holdings in shares of Prelude Therapeutics by 1,289.8% in the 4th quarter. Rhumbline Advisers now owns 166,830 shares of the company's stock valued at $213,000 after buying an additional 154,826 shares during the period. Institutional investors and hedge funds own 79.72% of the company's stock.

Prelude Therapeutics Company Profile

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.