Prelude Therapeutics (NASDAQ:PRLD) Shares Down 3.7% - Should You Sell?

Key Points

• Prelude Therapeutics shares fell by 3.7%, trading as low as $1.27, significantly below its previous close of $1.36.
• Analysts have mixed ratings; while HC Wainwright maintains a "buy" rating with a price target of $5.00, Weiss Ratings assigned a "sell (d-)" rating.
• The company reported earnings of ($0.41) EPS, which beat analysts' expectations of ($0.45), with a consensus projection of -1.81 EPS for the year.

Prelude Therapeutics Incorporated (NASDAQ:PRLD - Get Free Report)'s share price dropped 3.7% on Thursday . The company traded as low as $1.27 and last traded at $1.31. Approximately 105,944 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 308,642 shares. The stock had previously closed at $1.36.

Analysts Set New Price Targets

PRLD has been the subject of a number of analyst reports. HC Wainwright reiterated a "buy" rating and issued a $5.00 price objective on shares of Prelude Therapeutics in a research report on Tuesday, September 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Prelude Therapeutics in a research report on Wednesday, October 8th. Finally, JMP Securities decreased their price objective on shares of Prelude Therapeutics from $4.00 to $3.00 and set a "market outperform" rating for the company in a research report on Monday, August 18th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Prelude Therapeutics currently has an average rating of "Hold" and a consensus price target of $4.00.

Prelude Therapeutics Price Performance

The firm has a market cap of $74.15 million, a PE ratio of -0.80 and a beta of 1.28. The business's 50 day moving average price is $1.19 and its 200 day moving average price is $0.97.

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

Institutional Trading of Prelude Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its stake in Prelude Therapeutics by 170.7% during the 1st quarter. AQR Capital Management LLC now owns 33,823 shares of the company's stock valued at $26,000 after acquiring an additional 21,330 shares in the last quarter. Marshall Wace LLP purchased a new stake in Prelude Therapeutics during the 2nd quarter valued at about $34,000. Simplex Trading LLC grew its stake in Prelude Therapeutics by 121.2% during the 1st quarter. Simplex Trading LLC now owns 41,846 shares of the company's stock valued at $32,000 after acquiring an additional 22,932 shares in the last quarter. XTX Topco Ltd grew its stake in Prelude Therapeutics by 72.4% during the 2nd quarter. XTX Topco Ltd now owns 42,573 shares of the company's stock valued at $34,000 after acquiring an additional 17,873 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Prelude Therapeutics during the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 79.72% of the company's stock.

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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