Prelude Therapeutics (NASDAQ:PRLD) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Prelude Therapeutics shares crossed above their 200-day moving average, reaching $4.16 before closing at $4.14, compared with a 200-day average of $3.97.
• Analyst sentiment is mixed but leans positive: five analysts rate the stock Buy, one rates it Hold and one rates it Sell. The consensus rating is “Moderate Buy,” with an average price target of $8.75.
• The clinical-stage biopharmaceutical company reported a quarterly loss of $0.14 per share, beating estimates by $0.06, while institutional investors own approximately 79.72% of its outstanding stock.

Prelude Therapeutics Incorporated (NASDAQ:PRLD - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $3.97 and traded as high as $4.16. Prelude Therapeutics shares last traded at $4.14, with a volume of 475,051 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Citigroup reissued a "market outperform" rating on shares of Prelude Therapeutics in a research report on Wednesday, October 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Prelude Therapeutics in a report on Tuesday. Wall Street Zen lowered Prelude Therapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, September 19th. JPMorgan Chase & Co. assumed coverage on Prelude Therapeutics in a research note on Thursday, September 17th. They issued an "overweight" rating and a $12.00 price objective on the stock. Finally, HC Wainwright reissued a "buy" rating and issued a $8.00 target price on shares of Prelude Therapeutics in a report on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.75.

Prelude Therapeutics Price Performance

The business's 50 day moving average price is $4.54 and its 200-day moving average price is $3.97. The company has a market cap of $330.37 million, a P/E ratio of -5.67 and a beta of 0.97.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.06. The business had revenue of $5.70 million during the quarter, compared to the consensus estimate of $5.70 million. As a group, research analysts forecast that Prelude Therapeutics Incorporated will post -0.57 EPS for the current year.

Institutional Investors Weigh In On Prelude Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRLD. Spark Investment Management LLC bought a new position in Prelude Therapeutics during the second quarter worth about $56,000. GSA Capital Partners LLP acquired a new position in Prelude Therapeutics in the second quarter valued at about $68,000. Hsbc Holdings PLC bought a new stake in shares of Prelude Therapeutics in the second quarter worth about $74,000. Dimensional Fund Advisors LP bought a new stake in shares of Prelude Therapeutics in the first quarter worth about $120,000. Finally, Bank of America Corp DE bought a new stake in shares of Prelude Therapeutics in the second quarter worth about $127,000. Institutional investors own 79.72% of the company's stock.

About Prelude Therapeutics

Prelude Therapeutics Incorporated is a clinical-stage biopharmaceutical company focused on discovering and developing precision medicines for cancer. The company uses insights into cancer biology to design small-molecule therapies intended to target vulnerabilities in tumor cells while potentially improving selectivity over healthy tissue.

Prelude's research and development programs have included targeted therapies aimed at cancer-related proteins and signaling pathways, including cyclin-dependent kinase 9 (CDK9) and other regulators of tumor growth and survival.

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