HC Wainwright Upgrades Prelude Therapeutics (NASDAQ:PRLD) to “Strong-Buy”

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

A number of other research firms have also recently weighed in on PRLD. JMP Securities reaffirmed a market outperform rating and set a $7.00 price target on shares of Prelude Therapeutics in a report on Monday, September 16th. Barclays cut Prelude Therapeutics from an equal weight rating to an underweight rating and set a $3.00 price target for the company. in a report on Thursday, June 20th.

Prelude Therapeutics Price Performance

Shares of Prelude Therapeutics stock 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 market capitalization of $140.30 million, a P/E ratio of -1.36 and a beta of 1.52. The company has a 50-day simple moving average of $5.10 and a 200 day simple moving average of $4.47.

Prelude Therapeutics (NASDAQ:PRLD) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.46) earnings per share for the quarter, hitting the consensus estimate of ($0.46). On average, equities analysts anticipate that Prelude Therapeutics will post -1.85 earnings per share for the current year.

Institutional Investors Weigh In On Prelude Therapeutics

Several large investors have recently bought and sold shares of PRLD. Boxer Capital LLC grew its holdings in shares of Prelude Therapeutics by 2.9% in the 4th quarter. Boxer Capital LLC now owns 2,568,287 shares of the company’s stock valued at $10,967,000 after buying an additional 73,269 shares during the period. Pale Fire Capital SE grew its stake in Prelude Therapeutics by 106.6% in the fourth quarter. Pale Fire Capital SE now owns 63,581 shares of the company’s stock valued at $271,000 after acquiring an additional 32,800 shares during the period. Kennedy Capital Management LLC acquired a new stake in shares of Prelude Therapeutics during the first quarter worth about $119,000. Dimensional Fund Advisors LP lifted its holdings in shares of Prelude Therapeutics by 103.2% during the 2nd 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 in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Prelude Therapeutics by 2.8% in the 2nd 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 period. Institutional investors own 79.72% of the company’s stock.

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.