JMP Securities Reaffirms “Market Outperform” Rating for Prelude Therapeutics (NASDAQ:PRLD)

Prelude Therapeutics (NASDAQ:PRLD)‘s stock had its “market outperform” rating reaffirmed by analysts at JMP Securities in a research report issued on Monday, Benzinga reports. They currently have a $7.00 target price on the stock. JMP Securities’ price objective suggests a potential upside of 171.32% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. HC Wainwright reiterated a “neutral” rating and set a $5.00 price objective on shares of Prelude Therapeutics in a research report on Monday. Barclays lowered Prelude Therapeutics from an “equal weight” rating to an “underweight” rating and set a $3.00 price target on the stock. in a report on Thursday, June 20th.

Prelude Therapeutics Price Performance

NASDAQ PRLD traded down $0.19 during mid-day trading on Monday, hitting $2.58. The stock had a trading volume of 399,278 shares, compared to its average volume of 114,888. The firm’s 50 day moving average is $5.22 and its 200 day moving average is $4.53. The stock has a market capitalization of $108.56 million, a price-to-earnings ratio of -1.37 and a beta of 1.52. Prelude Therapeutics has a twelve month low of $1.66 and a twelve month high of $6.80.

Prelude Therapeutics (NASDAQ:PRLD) last issued its earnings results on Monday, August 12th. The company reported ($0.46) EPS for the quarter, meeting analysts’ consensus estimates of ($0.46). As a group, equities research analysts expect that Prelude Therapeutics will post -1.85 earnings per share for the current year.

Institutional Trading of Prelude Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Pale Fire Capital SE boosted its stake in Prelude Therapeutics by 106.6% during the fourth quarter. Pale Fire Capital SE now owns 63,581 shares of the company’s stock worth $271,000 after buying an additional 32,800 shares during the period. Boxer Capital LLC lifted its stake in Prelude Therapeutics by 2.9% during the fourth quarter. Boxer Capital LLC now owns 2,568,287 shares of the company’s stock worth $10,967,000 after purchasing an additional 73,269 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Prelude Therapeutics by 1.0% during the first quarter. Vanguard Group Inc. now owns 1,016,999 shares of the company’s stock worth $4,821,000 after buying an additional 10,143 shares during the period. Acadian Asset Management LLC grew its stake in shares of Prelude Therapeutics by 42.7% in the first quarter. Acadian Asset Management LLC now owns 22,110 shares of the company’s stock valued at $104,000 after buying an additional 6,615 shares in the last quarter. Finally, Kennedy Capital Management LLC purchased a new stake in shares of Prelude Therapeutics in the 1st quarter valued at $119,000. 79.72% of the stock is owned by institutional investors and hedge funds.

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.