Prelude Therapeutics’ (PRLD) Buy Rating Reiterated at HC Wainwright

Prelude Therapeutics (NASDAQ:PRLD)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $5.00 price objective on the stock.

Separately, JMP Securities reaffirmed a “market outperform” rating and set a $4.00 price objective (down from $7.00) on shares of Prelude Therapeutics in a research note on Wednesday, December 11th.

Prelude Therapeutics Stock Performance

Prelude Therapeutics stock opened at $0.65 on Tuesday. The company has a market capitalization of $35.75 million, a P/E ratio of -0.36 and a beta of 1.35. Prelude Therapeutics has a fifty-two week low of $0.61 and a fifty-two week high of $6.80. The stock has a 50-day simple moving average of $0.84 and a 200-day simple moving average of $1.17.

Prelude Therapeutics (NASDAQ:PRLD) last issued its quarterly earnings data on Monday, March 10th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.11. The firm had revenue of $4.00 million during the quarter. As a group, analysts forecast that Prelude Therapeutics will post -1.81 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Krishna Vaddi acquired 47,500 shares of Prelude Therapeutics stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average price of $0.71 per share, for a total transaction of $33,725.00. Following the completion of the purchase, the chief executive officer now directly owns 1,214,775 shares of the company’s stock, valued at approximately $862,490.25. This trade represents a 4.07 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Combs bought 100,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were bought at an average price of $0.69 per share, for a total transaction of $69,000.00. Following the completion of the transaction, the insider now directly owns 480,123 shares of the company’s stock, valued at $331,284.87. This trade represents a 26.31 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 822,500 shares of company stock worth $568,475. Company insiders own 62.80% of the company’s stock.

Institutional Trading of Prelude Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of PRLD. BNP Paribas Financial Markets acquired a new position in shares of Prelude Therapeutics during the 4th quarter worth approximately $26,000. Barclays PLC lifted its holdings in shares of Prelude Therapeutics by 86.0% during the 3rd quarter. Barclays PLC now owns 27,165 shares of the company’s stock worth $57,000 after acquiring an additional 12,564 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Prelude Therapeutics by 925.0% in the 4th quarter. JPMorgan Chase & Co. now owns 61,149 shares of the company’s stock valued at $78,000 after purchasing an additional 55,183 shares during the last quarter. XTX Topco Ltd acquired a new position in Prelude Therapeutics in the third quarter valued at $100,000. Finally, Deutsche Bank AG increased its position in Prelude Therapeutics by 747.6% during the 4th quarter. Deutsche Bank AG now owns 123,899 shares of the company’s stock worth $159,000 after purchasing an additional 109,281 shares in the last quarter. Hedge funds and other institutional investors own 79.72% of the company’s stock.

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.