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

Wall Street Zen upgraded shares of Prelude Therapeutics (NASDAQ:PRLD) from a hold rating to a buy rating in a report issued on Sunday morning,Wall Street Zen reports.

A number of other equities research analysts have also recently commented on the stock. HC Wainwright restated a “buy” rating and issued a $8.00 price target on shares of Prelude Therapeutics in a report on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prelude Therapeutics in a report on Wednesday, July 29th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.67.

Prelude Therapeutics Stock Performance

NASDAQ:PRLD opened at $5.46 on Friday. The firm has a market cap of $435.71 million, a P/E ratio of -7.48 and a beta of 0.97. Prelude Therapeutics has a 52 week low of $0.98 and a 52 week high of $6.83. The firm’s fifty day moving average is $5.06 and its 200-day moving average is $4.29.

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

Hedge Funds Weigh In On Prelude Therapeutics

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in Prelude Therapeutics by 1.4% during the 1st quarter. Renaissance Technologies LLC now owns 275,200 shares of the company’s stock valued at $941,000 after purchasing an additional 3,900 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Prelude Therapeutics in the second quarter worth approximately $68,000. Hsbc Holdings PLC purchased a new stake in shares of Prelude Therapeutics in the second quarter worth approximately $74,000. XTX Topco Ltd raised its stake in shares of Prelude Therapeutics by 72.4% in the second quarter. XTX Topco Ltd now owns 42,573 shares of the company’s stock worth $34,000 after purchasing an additional 17,873 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Prelude Therapeutics by 170.7% in the first 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. 79.72% of the stock is currently owned by institutional investors.

Prelude Therapeutics Company Profile

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.