Prelude Therapeutics Incorporated (NASDAQ:PRLD – Get Rating) was the recipient of a large decline in short interest in the month of April. As of April 15th, there was short interest totalling 3,220,000 shares, a decline of 15.7% from the March 31st total of 3,820,000 shares. Approximately 9.5% of the shares of the company are short sold. Based on an average daily trading volume, of 273,900 shares, the days-to-cover ratio is currently 11.8 days.
PRLD has been the topic of several analyst reports. Zacks Investment Research raised shares of Prelude Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, March 18th. Barclays lowered shares of Prelude Therapeutics from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $20.00 to $12.00 in a report on Monday, February 28th. Bank of America lowered shares of Prelude Therapeutics from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $50.00 to $10.00 in a report on Tuesday, March 15th. Finally, Morgan Stanley reduced their price target on shares of Prelude Therapeutics from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 17th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $22.60.
Prelude Therapeutics stock opened at $4.73 on Wednesday. The firm has a market cap of $225.30 million, a P/E ratio of -1.95 and a beta of 1.71. The company’s 50-day simple moving average is $7.10. Prelude Therapeutics has a 1 year low of $4.54 and a 1 year high of $45.33.
Large investors have recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new stake in shares of Prelude Therapeutics in the 3rd quarter valued at approximately $50,000. Wells Fargo & Company MN increased its stake in Prelude Therapeutics by 7,230.2% during the 4th quarter. Wells Fargo & Company MN now owns 3,152 shares of the company’s stock worth $39,000 after purchasing an additional 3,109 shares in the last quarter. Legal & General Group Plc increased its stake in Prelude Therapeutics by 32.3% during the 4th quarter. Legal & General Group Plc now owns 3,914 shares of the company’s stock worth $49,000 after purchasing an additional 956 shares in the last quarter. Royal Bank of Canada increased its stake in Prelude Therapeutics by 34.2% during the 3rd quarter. Royal Bank of Canada now owns 4,906 shares of the company’s stock worth $153,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Credit Suisse AG bought a new stake in Prelude Therapeutics during the 3rd quarter worth approximately $216,000. Institutional investors and hedge funds own 73.80% of the company’s stock.
Prelude Therapeutics Company Profile (Get Rating)
Prelude Therapeutics Incorporated, a clinical-stage precision oncology company, focuses on the discovery and development of novel precision cancer medicines to underserved patients. It is developing PRT543 that is in Phase 1 clinical trials in select solid tumors and myeloid malignancies; and PRT811, which is in Phase 1 clinical trials in solid tumors, including glioblastoma multiforme.
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