Prelude Therapeutics (NASDAQ:PRLD) Issues Earnings Results

Prelude Therapeutics (NASDAQ:PRLD) released its quarterly earnings results on Wednesday. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.15, Zacks reports.

Prelude Therapeutics Stock Up 2.6%

NASDAQ:PRLD traded up $0.04 on Wednesday, reaching $1.39. The company’s stock had a trading volume of 231,680 shares, compared to its average volume of 511,617. The firm has a market cap of $78.39 million, a price-to-earnings ratio of -0.85 and a beta of 1.37. The stock has a 50 day moving average price of $1.39 and a 200 day moving average price of $1.08. Prelude Therapeutics has a 12-month low of $0.61 and a 12-month high of $4.22.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in Prelude Therapeutics by 170.7% during the 1st quarter. AQR Capital Management LLC now owns 33,823 shares of the company’s stock valued at $26,000 after purchasing an additional 21,330 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Prelude Therapeutics during the second quarter valued at approximately $34,000. XTX Topco Ltd grew its position in Prelude Therapeutics by 72.4% in the 2nd quarter. XTX Topco Ltd now owns 42,573 shares of the company’s stock valued at $34,000 after buying an additional 17,873 shares in the last quarter. Shay Capital LLC bought a new position in Prelude Therapeutics during the second quarter valued at about $61,000. Finally, Jane Street Group LLC acquired a new position in shares of Prelude Therapeutics in the 2nd quarter worth $74,000. Hedge funds and other institutional investors own 79.72% of the company’s stock.

Analyst Upgrades and Downgrades

PRLD has been the subject of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Prelude Therapeutics in a report on Tuesday, September 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Prelude Therapeutics to a “hold” rating in a research note on Saturday, October 18th. Finally, JMP Securities reduced their target price on Prelude Therapeutics from $4.00 to $3.00 and set a “market outperform” rating for the company in a research note on Monday, August 18th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.00.

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.