Prelude Therapeutics (NASDAQ:PRLD) Upgraded by HC Wainwright to Strong-Buy

HC Wainwright upgraded shares of Prelude Therapeutics (NASDAQ:PRLD) from a hold rating to a strong-buy rating in a research report released on Thursday, Zacks.com reports.

Several other brokerages have also weighed in on PRLD. JMP Securities restated a market outperform rating and issued a $7.00 price objective on shares of Prelude Therapeutics in a report on Monday. Barclays lowered Prelude Therapeutics from an equal weight rating to an underweight rating and set a $3.00 price objective for the company. in a report on Thursday, June 20th.

Prelude Therapeutics Price Performance

Shares of PRLD opened at $2.55 on Thursday. Prelude Therapeutics has a 12 month low of $1.66 and a 12 month high of $6.80. The stock has a fifty day moving average price of $5.16 and a 200 day moving average price of $4.49. The company has a market cap of $107.30 million, a P/E ratio of -1.36 and a beta of 1.52.

Prelude Therapeutics (NASDAQ:PRLD) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.46) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.46). As a group, research analysts anticipate that Prelude Therapeutics will post -1.85 earnings per share for the current year.

Institutional Investors Weigh In On Prelude Therapeutics

Several hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC lifted its holdings in shares of Prelude Therapeutics by 42.7% during the first quarter. Acadian Asset Management LLC now owns 22,110 shares of the company’s stock valued at $104,000 after purchasing an additional 6,615 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Prelude Therapeutics by 1.0% during the first quarter. Vanguard Group Inc. now owns 1,016,999 shares of the company’s stock valued at $4,821,000 after purchasing an additional 10,143 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Prelude Therapeutics by 2.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 522,375 shares of the company’s stock valued at $1,990,000 after purchasing an additional 14,226 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Prelude Therapeutics by 103.2% during the second quarter. Dimensional Fund Advisors LP now owns 29,074 shares of the company’s stock valued at $111,000 after purchasing an additional 14,769 shares during the last quarter. Finally, Kennedy Capital Management LLC purchased a new stake in shares of Prelude Therapeutics during the first quarter valued at $119,000. 79.72% of the stock is 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.