Prelude Therapeutics Incorporated (NASDAQ:PRLD) Sees Significant Decline in Short Interest

Prelude Therapeutics Incorporated (NASDAQ:PRLD) was the target of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 2,160,000 shares, a decline of 30.3% from the February 13th total of 3,100,000 shares. Based on an average trading volume of 392,100 shares, the short-interest ratio is presently 5.5 days. Currently, 7.9% of the company’s shares are short sold.

Insider Buying and Selling at Prelude Therapeutics

In other Prelude Therapeutics news, insider Andrew Combs bought 60,000 shares of Prelude Therapeutics stock in a transaction on Monday, December 23rd. The shares were acquired at an average price of $1.37 per share, for a total transaction of $82,200.00. Following the completion of the purchase, the insider now directly owns 377,623 shares in the company, valued at approximately $517,343.51. This trade represents a 18.89 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Krishna Vaddi purchased 47,500 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $0.71 per share, with a total value of $33,725.00. Following the acquisition, the chief executive officer now directly owns 1,214,775 shares of the company’s stock, valued at $862,490.25. This trade represents a 4.07 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 245,575 shares of company stock worth $247,211 over the last quarter. Insiders own 62.80% of the company’s stock.

Institutional Trading of Prelude Therapeutics

A number of hedge funds have recently modified their holdings of PRLD. Barclays PLC lifted its holdings in Prelude Therapeutics by 86.0% in the third quarter. Barclays PLC now owns 27,165 shares of the company’s stock valued at $57,000 after acquiring an additional 12,564 shares during the period. BNP Paribas Financial Markets acquired a new position in shares of Prelude Therapeutics in the 4th quarter valued at $26,000. Massachusetts Financial Services Co. MA boosted its holdings in Prelude Therapeutics by 5.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 549,530 shares of the company’s stock worth $1,138,000 after buying an additional 27,155 shares in the last quarter. Geode Capital Management LLC grew its position in Prelude Therapeutics by 8.2% during the third quarter. Geode Capital Management LLC now owns 391,716 shares of the company’s stock valued at $811,000 after buying an additional 29,765 shares during the period. Finally, Marshall Wace LLP increased its holdings in Prelude Therapeutics by 9.2% in the fourth quarter. Marshall Wace LLP now owns 392,155 shares of the company’s stock valued at $498,000 after buying an additional 33,018 shares in the last quarter. Hedge funds and other institutional investors own 79.72% of the company’s stock.

Wall Street Analyst Weigh In

Separately, JMP Securities reissued a “market outperform” rating and issued a $4.00 price target (down from $7.00) on shares of Prelude Therapeutics in a research report on Wednesday, December 11th.

Prelude Therapeutics Stock Performance

PRLD traded up $0.01 during trading on Monday, hitting $0.76. The stock had a trading volume of 165,775 shares, compared to its average volume of 244,245. The company has a market capitalization of $41.70 million, a PE ratio of -0.42 and a beta of 1.43. Prelude Therapeutics has a twelve month low of $0.66 and a twelve month high of $6.80. The stock has a 50 day simple moving average of $0.97 and a two-hundred day simple moving average of $1.58.

Prelude Therapeutics (NASDAQ:PRLD) last posted its quarterly earnings results on Monday, March 10th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.11. The firm had revenue of $4.00 million for the quarter. On average, equities research analysts anticipate that Prelude Therapeutics will post -1.81 EPS for the current year.

Prelude Therapeutics Company Profile

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.