Prelude Therapeutics (NASDAQ:PRLD) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Prelude Therapeutics (NASDAQ:PRLD) from a buy rating to a hold rating in a research note released on Saturday morning,Wall Street Zen reports.

PRLD has been the subject of several other research reports. JPMorgan Chase & Co. assumed coverage on shares of Prelude Therapeutics in a research report on Thursday. They issued an “overweight” rating and a $12.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. Finally, HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Prelude Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $8.75.

Prelude Therapeutics Stock Performance

Shares of PRLD stock opened at $4.87 on Friday. The firm has a market cap of $388.63 million, a P/E ratio of -6.67 and a beta of 0.97. The firm’s 50 day moving average price is $5.02 and its 200-day moving average price is $4.43. Prelude Therapeutics has a one year low of $0.98 and a one year high of $6.83.

Prelude Therapeutics (NASDAQ:PRLD) last announced its earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $5.70 million for the quarter, compared to analysts’ expectations of $5.70 million. As a group, research analysts predict that Prelude Therapeutics will post -0.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Spark Investment Management LLC purchased a new stake in shares of Prelude Therapeutics in the 2nd quarter valued at approximately $56,000. GSA Capital Partners LLP purchased a new stake in shares of Prelude Therapeutics during the 2nd quarter worth $68,000. Hsbc Holdings PLC acquired a new position in shares of Prelude Therapeutics during the second quarter worth $74,000. Dimensional Fund Advisors LP purchased a new position in Prelude Therapeutics in the first quarter valued at $120,000. Finally, Bank of America Corp DE purchased a new position in Prelude Therapeutics in the second quarter valued at $127,000. Institutional investors and hedge funds own 79.72% of the company’s stock.

About Prelude Therapeutics

Prelude Therapeutics Inc is a clinical-stage biopharmaceutical company focused on discovering and developing precision medicines for cancer. The company’s research is centered on small-molecule therapies designed to target biological mechanisms that cancer cells depend on, including epigenetic regulators and other proteins involved in tumor growth and survival.

Prelude’s development programs have included PRT2527, a selective cyclin-dependent kinase 9 (CDK9) inhibitor; PRT3789, a SMARCA2 protein degrader; and PRT1419, an inhibitor of the MCL1 protein.