Prelude Therapeutics Incorporated (NASDAQ:PRLD) Receives $7.67 Consensus Price Target from Brokerages

Shares of Prelude Therapeutics Incorporated (NASDAQ:PRLD) have received an average recommendation of “Hold” from the five research firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $7.6667.

A number of research firms have commented on PRLD. Weiss Ratings upgraded Prelude Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 1st. HC Wainwright boosted their target price on Prelude Therapeutics from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. D. Boral Capital began coverage on Prelude Therapeutics in a research report on Monday, May 4th. They set a “buy” rating and a $9.00 target price on the stock. Citizens Jmp boosted their target price on Prelude Therapeutics from $3.00 to $6.00 and gave the stock a “market outperform” rating in a research report on Wednesday, March 11th. Finally, Zacks Research upgraded Prelude Therapeutics to a “hold” rating in a research report on Tuesday, April 28th.

Insiders Place Their Bets

In other news, Director David P. Bonita bought 2,815,315 shares of the firm’s stock in a transaction on Tuesday, April 21st. The shares were bought at an average cost of $4.44 per share, for a total transaction of $12,499,998.60. Following the completion of the transaction, the director owned 11,808,945 shares in the company, valued at $52,431,715.80. This trade represents a 31.30% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Orbimed Advisors Llc bought 2,815,315 shares of the firm’s stock in a transaction on Tuesday, April 21st. The shares were purchased at an average price of $4.44 per share, for a total transaction of $12,499,998.60. Following the completion of the transaction, the director owned 11,808,945 shares of the company’s stock, valued at $52,431,715.80. This represents a 31.30% increase in their position. The SEC filing for this purchase provides additional information. 49.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prelude Therapeutics

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised its holdings 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 acquiring an additional 21,330 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Prelude Therapeutics in the first quarter worth $120,000. Marshall Wace LLP acquired a new position in shares of Prelude Therapeutics in the second quarter worth $34,000. XTX Topco Ltd raised its holdings in shares of Prelude Therapeutics by 72.4% in the second quarter. XTX Topco Ltd now owns 42,573 shares of the company’s stock worth $34,000 after acquiring an additional 17,873 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Prelude Therapeutics by 476.3% in the first quarter. Bank of America Corp DE now owns 56,525 shares of the company’s stock worth $193,000 after acquiring an additional 46,717 shares during the last quarter. 79.72% of the stock is owned by institutional investors and hedge funds.

Prelude Therapeutics Trading Up 12.6%

Shares of PRLD stock opened at $4.93 on Tuesday. The company has a market cap of $392.65 million, a price-to-earnings ratio of -4.93 and a beta of 1.00. The stock has a 50 day simple moving average of $4.35 and a 200-day simple moving average of $3.30. Prelude Therapeutics has a 12-month low of $0.75 and a 12-month high of $5.54.

Prelude Therapeutics (NASDAQ:PRLD) last issued its earnings results on Tuesday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.14. The business had revenue of $4.58 million for the quarter, compared to analysts’ expectations of $4.58 million. On average, equities analysts forecast that Prelude Therapeutics will post -0.93 earnings per share for the current fiscal year.

About Prelude Therapeutics

Prelude Therapeutics Incorporated is a clinical-stage precision medicine company focused on the discovery and development of small molecule therapies for genetically defined oncology targets. By leveraging a chemical biology approach, the company aims to deliver targeted treatments that address key drivers of cancer cell growth and survival. Prelude’s pipeline emphasizes novel inhibitors designed to engage molecular pathways validated by both preclinical and clinical evidence.

Among Prelude’s lead programs is PRT2527, a selective PI3K‐alpha/delta inhibitor in Phase 1 clinical trials for solid tumors harboring PIK3CA and other pathway mutations.