Prelude Therapeutics (NASDAQ:PRLD) Announces Earnings Results

Prelude Therapeutics (NASDAQ:PRLD) released its quarterly earnings results on Tuesday. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03, FiscalAI reports. The business had revenue of $5.70 million for the quarter, compared to the consensus estimate of $4.78 million.

Prelude Therapeutics Stock Performance

PRLD stock opened at $4.99 on Tuesday. The firm has a 50 day moving average price of $4.41 and a 200-day moving average price of $3.79. Prelude Therapeutics has a 52-week low of $0.75 and a 52-week high of $5.69. The firm has a market capitalization of $397.72 million, a price-to-earnings ratio of -4.90 and a beta of 0.96.

Analyst Upgrades and Downgrades

PRLD has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Prelude Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. D. Boral Capital initiated coverage on shares of Prelude Therapeutics in a research report on Monday, May 4th. They set a “buy” rating and a $9.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. Zacks Research upgraded shares of Prelude Therapeutics to a “hold” rating in a report on Tuesday, April 28th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $7.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its stake in Prelude Therapeutics by 361.7% during the third quarter. Millennium Management LLC now owns 1,147,044 shares of the company’s stock valued at $1,652,000 after buying an additional 898,621 shares during the last quarter. Marshall Wace LLP bought a new stake in Prelude Therapeutics in the fourth quarter worth $794,000. Sphera Funds Management LTD. purchased a new stake in shares of Prelude Therapeutics in the fourth quarter worth $356,000. Jane Street Group LLC purchased a new stake in shares of Prelude Therapeutics in the second quarter worth $74,000. Finally, Shay Capital LLC bought a new position in shares of Prelude Therapeutics during the second quarter valued at $61,000. Institutional investors own 79.72% of the company’s stock.

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.