Prelude Therapeutics (NASDAQ:PRLD) Rating Increased to Buy at Zacks Investment Research

Prelude Therapeutics (NASDAQ:PRLDGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Zacks.com reports. The firm currently has a $4.50 target price on the stock. Zacks Investment Research‘s price target points to a potential downside of 2.60% from the company’s previous close.

According to Zacks, “Prelude Therapeutics Incorporated is a clinical-stage precision oncology company. It is focused on discovering and developing small molecule therapies optimized to target the key driver mechanisms in cancers with high unmet need. Prelude Therapeutics Incorporated is based in Wilmington, United States. “

A number of other brokerages also recently issued reports on PRLD. Morgan Stanley lowered their price target on shares of Prelude Therapeutics from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 17th. Barclays downgraded shares of Prelude Therapeutics from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $20.00 to $12.00 in a report on Monday, February 28th. Bank of America downgraded shares of Prelude Therapeutics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $50.00 to $10.00 in a report on Tuesday, March 15th. Finally, HC Wainwright lowered their price target on shares of Prelude Therapeutics from $62.00 to $16.00 in a report on Thursday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Prelude Therapeutics has a consensus rating of “Buy” and a consensus target price of $12.30.

PRLD stock opened at $4.62 on Friday. The firm’s fifty day simple moving average is $6.37 and its 200-day simple moving average is $10.15. The company has a market capitalization of $220.06 million, a P/E ratio of -1.79 and a beta of 1.71. Prelude Therapeutics has a 12 month low of $3.87 and a 12 month high of $43.79.

Prelude Therapeutics (NASDAQ:PRLDGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.65) by $0.02. As a group, equities analysts forecast that Prelude Therapeutics will post -2.92 earnings per share for the current year.

Large investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd acquired a new position in Prelude Therapeutics during the third quarter worth $50,000. BlackRock Inc. raised its position in Prelude Therapeutics by 3.3% during the third quarter. BlackRock Inc. now owns 725,962 shares of the company’s stock worth $22,686,000 after acquiring an additional 23,120 shares during the period. Qube Research & Technologies Ltd acquired a new position in Prelude Therapeutics during the fourth quarter worth $291,000. Swiss National Bank raised its position in Prelude Therapeutics by 34.1% during the fourth quarter. Swiss National Bank now owns 27,500 shares of the company’s stock worth $342,000 after acquiring an additional 7,000 shares during the period. Finally, Parkwood LLC acquired a new position in Prelude Therapeutics during the fourth quarter worth $158,000. Institutional investors own 73.80% of the company’s stock.

About Prelude Therapeutics (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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