Prelude Therapeutics (NASDAQ:PRLD) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a research note issued on Tuesday, Zacks.com reports. The firm presently has a $46.00 price target on the stock. Zacks Investment Research's price target would indicate a potential upside of 13.64% from the stock's current price.
According to Zacks, "Prelude Therapeutics Incorporated is a clinical-stage precision oncology company. It is focused on discovering and developing small molecule therapies optimized to target the key driver mechanisms in cancers with high unmet need. Prelude Therapeutics Incorporated is based in Wilmington, United States. "
A number of other equities research analysts also recently issued reports on PRLD. Barclays assumed coverage on shares of Prelude Therapeutics in a research report on Tuesday, March 9th. They set an "overweight" rating and a $80.00 price target for the company. HC Wainwright assumed coverage on shares of Prelude Therapeutics in a research note on Monday. They set a "buy" rating and a $62.00 price objective for the company. Finally, Morgan Stanley raised their price objective on shares of Prelude Therapeutics from $47.00 to $60.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 23rd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. The stock has a consensus rating of "Buy" and a consensus target price of $54.17.
Shares of NASDAQ:PRLD opened at $40.48 on Tuesday. Prelude Therapeutics has a 52 week low of $23.69 and a 52 week high of $95.38. The company has a 50-day moving average price of $41.63 and a 200 day moving average price of $56.53.
In other Prelude Therapeutics news, insider Peggy Scherle sold 15,370 shares of the company's stock in a transaction on Wednesday, April 7th. The shares were sold at an average price of $39.31, for a total value of $604,194.70. Following the transaction, the insider now directly owns 15,383 shares in the company, valued at $604,705.73. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David J. Mauro sold 25,000 shares of the business's stock in a transaction dated Monday, April 19th. The shares were sold at an average price of $30.89, for a total transaction of $772,250.00. Following the completion of the sale, the insider now directly owns 25,000 shares of the company's stock, valued at approximately $772,250. The disclosure for this sale can be found here. Insiders have sold a total of 44,493 shares of company stock valued at $1,542,386 in the last quarter.
Several institutional investors have recently bought and sold shares of the business. Morgan Stanley acquired a new position in Prelude Therapeutics during the third quarter worth $396,000. Strs Ohio acquired a new position in Prelude Therapeutics during the fourth quarter worth $157,000. BlackRock Inc. raised its holdings in Prelude Therapeutics by 920.2% during the fourth quarter. BlackRock Inc. now owns 637,133 shares of the company's stock worth $45,587,000 after buying an additional 574,683 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Prelude Therapeutics in the fourth quarter valued at about $515,000. Finally, Alliancebernstein L.P. purchased a new stake in shares of Prelude Therapeutics in the fourth quarter valued at about $615,000. Hedge funds and other institutional investors own 76.21% of the company's stock.
Prelude Therapeutics Company Profile
Prelude Therapeutics Incorporated, a clinical-stage precision oncology company, focuses on the discovery and development of small molecule therapies optimized to target the key driver mechanisms in cancers. It is developing PRT543 that is in Phase 1 clinical trials in select solid tumors and myeloid malignancies in patients who are refractory to or intolerant of established therapies; and PRT811, which is in Phase 1 clinical trials in solid tumors, including glioblastoma multiforme and primary central nervous system lymphomas.
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