Prelude Therapeutics (NASDAQ:PRLD) Raised to Buy at Wall Street Zen

Prelude Therapeutics (NASDAQ:PRLD) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Sunday, Wall Street Zen reports.

Other research analysts have also issued research reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Prelude Therapeutics currently has an average rating of “Hold” and an average target price of $7.67.

Prelude Therapeutics Price Performance

NASDAQ:PRLD opened at $5.46 on Friday. The firm has a market cap of $435.71 million, a PE ratio of -7.48 and a beta of 0.97. The firm has a 50 day simple moving average of $5.07 and a 200-day simple moving average of $4.31. Prelude Therapeutics has a 1-year low of $0.98 and a 1-year high of $6.83.

Prelude Therapeutics (NASDAQ:PRLD) last announced its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $5.70 million for the quarter, compared to analyst estimates of $5.70 million. As a group, sell-side analysts expect that Prelude Therapeutics will post -0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Prelude Therapeutics in the second quarter worth $9,581,000. Millennium Management LLC lifted its holdings in shares of Prelude Therapeutics by 361.7% during the 3rd quarter. Millennium Management LLC now owns 1,147,044 shares of the company’s stock valued at $1,652,000 after acquiring an additional 898,621 shares in the last quarter. Vanguard Group Inc. boosted its position in Prelude Therapeutics by 6.5% during the 3rd quarter. Vanguard Group Inc. now owns 992,854 shares of the company’s stock worth $1,430,000 after purchasing an additional 60,284 shares during the period. EcoR1 Capital LLC purchased a new stake in Prelude Therapeutics during the 1st quarter worth $3,239,000. Finally, ADAR1 Capital Management LLC acquired a new stake in Prelude Therapeutics in the 2nd quarter valued at $4,802,000. 79.72% of the stock is owned by institutional investors and hedge funds.

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.