Prelude Therapeutics (NASDAQ:PRLD) Earns Buy Rating from HC Wainwright

Key Points

• HC Wainwright reaffirmed its “buy” rating on Prelude Therapeutics and set an $8.00 price target, implying 72.41% upside from the previous close.
• Analyst sentiment is mixed overall: Prelude has a consensus “hold” rating and an average price target of $7.67, based on three buy, one hold, and one sell rating.
• The company reported quarterly EPS of -$0.13, beating estimates of -$0.27, while revenue matched expectations at $4.58 million; institutional investors own approximately 79.72% of its shares.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report)'s stock had its "buy" rating restated by stock analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They presently have a $8.00 price target on the stock. HC Wainwright's price objective points to a potential upside of 72.41% from the company's previous close.

Other equities analysts also recently issued reports about the stock. Zacks Research raised shares of Prelude Therapeutics to a "hold" rating in a research note on Tuesday, April 28th. Wall Street Zen raised Prelude Therapeutics from a "hold" rating to a "buy" rating in a research report on Saturday. Weiss Ratings raised shares of Prelude Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, May 1st. Finally, D. Boral Capital began coverage on Prelude Therapeutics in a report on Monday, May 4th. They issued a "buy" rating and a $9.00 price target for the company. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $7.67.

Prelude Therapeutics Price Performance

PRLD stock opened at $4.64 on Wednesday. The company's 50 day simple moving average is $4.31 and its 200-day simple moving average is $3.63. Prelude Therapeutics has a 52-week low of $0.75 and a 52-week high of $5.69. The firm has a market capitalization of $369.53 million, a P/E ratio of -4.64 and a beta of 0.95.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last released its earnings results on Tuesday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.14. The business had revenue of $4.58 million during the quarter, compared to analysts' expectations of $4.58 million. Sell-side analysts predict that Prelude Therapeutics will post -0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PRLD. Renaissance Technologies LLC raised its holdings in Prelude Therapeutics by 1.4% during the 1st quarter. Renaissance Technologies LLC now owns 275,200 shares of the company's stock worth $941,000 after purchasing an additional 3,900 shares during the last quarter. XTX Topco Ltd lifted its stake in shares of Prelude Therapeutics by 72.4% in the 2nd quarter. XTX Topco Ltd now owns 42,573 shares of the company's stock valued at $34,000 after purchasing an additional 17,873 shares during the period. AQR Capital Management LLC lifted its stake in shares of 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 purchasing an additional 21,330 shares during the period. Shay Capital LLC boosted its position in shares of Prelude Therapeutics by 33.3% in the 3rd quarter. Shay Capital LLC now owns 100,000 shares of the company's stock worth $144,000 after purchasing an additional 25,000 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Prelude Therapeutics by 30.4% in the 4th quarter. State Street Corp now owns 127,292 shares of the company's stock worth $369,000 after purchasing an additional 29,700 shares during the last quarter. 79.72% of the stock is currently owned by institutional investors.

Prelude Therapeutics Company Profile

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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