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

Key Points

• Prelude Therapeutics' stock rating was restated as a "buy" by HC Wainwright, with a price target of $5.00, indicating a potential upside of 395.05% from its current price.
• JMP Securities lowered its price target for the stock from $4.00 to $3.00 but maintained a "market outperform" rating.
• Approximately 79.72% of Prelude Therapeutics' stock is held by institutional investors, reflecting strong support from major financial entities.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report)'s stock had its "buy" rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $5.00 price target on the stock. HC Wainwright's price objective would suggest a potential upside of 395.05% from the stock's current price.

Separately, JMP Securities reduced their price objective on shares of Prelude Therapeutics from $4.00 to $3.00 and set a "market outperform" rating on the stock in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $4.00.

Prelude Therapeutics Price Performance

Shares of NASDAQ PRLD opened at $1.01 on Tuesday. The company has a market cap of $57.17 million, a price-to-earnings ratio of -0.62 and a beta of 1.24. The stock's 50-day moving average is $1.00 and its two-hundred day moving average is $0.89. Prelude Therapeutics has a 1-year low of $0.61 and a 1-year high of $2.56.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.41) earnings per share for the quarter, topping analysts' consensus estimates of ($0.45) by $0.04. Equities research analysts anticipate that Prelude Therapeutics will post -1.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its stake 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 purchasing an additional 21,330 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Prelude Therapeutics during the 4th quarter valued at about $26,000. Simplex Trading LLC raised its position in Prelude Therapeutics by 121.2% during the first quarter. Simplex Trading LLC now owns 41,846 shares of the company's stock worth $32,000 after acquiring an additional 22,932 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Prelude Therapeutics in the second quarter valued at about $34,000. Finally, XTX Topco Ltd grew its position in shares of Prelude Therapeutics by 72.4% in the second 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 last quarter. 79.72% of the stock is currently owned by institutional investors and hedge funds.

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.

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