Prelude Therapeutics Incorporated (NASDAQ:PRLD) Stock Rated “Moderate Buy” by Wall Street Brokerages

Prelude Therapeutics Incorporated (NASDAQ:PRLD) has received an average rating of “Moderate Buy” from the six brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $8.75.

A number of equities research analysts have commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prelude Therapeutics in a report on Wednesday, July 29th. Wall Street Zen cut Prelude Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, September 19th. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. assumed coverage on Prelude Therapeutics in a research note on Thursday, September 17th. They set an “overweight” rating and a $12.00 price objective on the stock.

Prelude Therapeutics Price Performance

Shares of NASDAQ PRLD opened at $3.77 on Thursday. Prelude Therapeutics has a 12-month low of $1.15 and a 12-month high of $6.83. The company has a market capitalization of $300.85 million, a PE ratio of -5.16 and a beta of 0.97. The firm’s 50-day moving average is $5.01 and its two-hundred day moving average is $4.50.

Prelude Therapeutics (NASDAQ:PRLD) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.06. The business had revenue of $5.70 million for the quarter, compared to analysts’ expectations of $5.70 million. On average, analysts forecast that Prelude Therapeutics will post -0.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Prelude Therapeutics

Hedge funds have recently modified their holdings of the company. EcoR1 Capital LLC acquired a new stake in Prelude Therapeutics during the first quarter worth approximately $3,239,000. BlackRock Inc. acquired a new position in Prelude Therapeutics in the 2nd quarter valued at $9,581,000. ADAR1 Capital Management LLC purchased a new position in shares of Prelude Therapeutics during the 1st quarter worth $523,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Prelude Therapeutics during the 2nd quarter worth $669,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Prelude Therapeutics during the second quarter worth $74,000. 79.72% of the stock is owned by institutional investors and hedge funds.

About Prelude Therapeutics

Prelude Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancer. The company uses cancer biology, medicinal chemistry and targeted drug-discovery approaches to identify small-molecule therapies designed to address genetic and molecular vulnerabilities in tumors.

Prelude’s investigational pipeline has included PRT3789, a selective SMARCA2 protein degrader being developed for cancers with SMARCA4 loss, and PRT2527, a selective cyclin-dependent kinase 9 (CDK9) inhibitor under evaluation for oncology applications.