Prelude Therapeutics (NASDAQ:PRLD) Stock Price Up 2% - Here's Why

Key Points

• Prelude Therapeutics' share price rose by 2% to $0.93, with trading volume increasing by 9% compared to its average session.
• Analysts from JMP Securities and HC Wainwright have set target prices of $4.00 and $5.00 respectively, with a "market outperform" and "buy" rating on the stock.
• Significant institutional investment has been noted, with firms like Millennium Management LLC and Two Sigma Investments LP increasing their stakes by over 188% and 307% respectively in the fourth quarter.

Prelude Therapeutics Incorporated (NASDAQ:PRLD - Get Free Report)'s stock price was up 2% during mid-day trading on Friday . The stock traded as high as $1.02 and last traded at $0.93. Approximately 187,033 shares traded hands during trading, an increase of 9% from the average daily volume of 171,632 shares. The stock had previously closed at $0.91.

Analysts Set New Price Targets

Several analysts have issued reports on PRLD shares. JMP Securities reissued a "market outperform" rating and set a $4.00 price target on shares of Prelude Therapeutics in a report on Tuesday, April 29th. HC Wainwright restated a "buy" rating and issued a $5.00 price objective on shares of Prelude Therapeutics in a research report on Monday, May 5th.

Prelude Therapeutics Price Performance

The company has a 50-day moving average price of $0.89 and a 200 day moving average price of $0.87. The firm has a market capitalization of $46.96 million, a PE ratio of -0.49 and a beta of 1.22.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.47) by $0.05. As a group, research analysts anticipate that Prelude Therapeutics Incorporated will post -1.81 earnings per share for the current year.

Hedge Funds Weigh In On Prelude Therapeutics

Large investors have recently made changes to their positions in the business. Acadian Asset Management LLC lifted its position in shares of Prelude Therapeutics by 9.1% in the first quarter. Acadian Asset Management LLC now owns 529,327 shares of the company's stock worth $405,000 after buying an additional 43,946 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Prelude Therapeutics by 170.7% in the first quarter. AQR Capital Management LLC now owns 33,823 shares of the company's stock worth $26,000 after buying an additional 21,330 shares in the last quarter. Simplex Trading LLC lifted its position in shares of Prelude Therapeutics by 121.2% in the first quarter. Simplex Trading LLC now owns 41,846 shares of the company's stock worth $32,000 after buying an additional 22,932 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Prelude Therapeutics by 307.2% in the fourth quarter. Two Sigma Investments LP now owns 231,839 shares of the company's stock worth $296,000 after buying an additional 174,906 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its position in shares of Prelude Therapeutics by 526.3% in the fourth quarter. Two Sigma Advisers LP now owns 300,000 shares of the company's stock worth $382,000 after buying an additional 252,100 shares in the last quarter. 79.72% of the stock is currently owned by hedge funds and other institutional investors.

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.