Prelude Therapeutics Incorporated (NASDAQ:PRLD) Sees Large Increase in Short Interest

Prelude Therapeutics Incorporated (NASDAQ:PRLD – Get Rating) was the target of a large growth in short interest in April. As of April 30th, there was short interest totalling 3,900,000 shares, a growth of 21.1% from the April 15th total of 3,220,000 shares. Approximately 11.5% of the company’s stock are short sold. Based on an average trading volume of 269,100 shares, the days-to-cover ratio is presently 14.5 days.

Several equities research analysts recently commented on PRLD shares. Barclays cut shares of Prelude Therapeutics from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $20.00 to $12.00 in a research report on Monday, February 28th. Bank of America lowered shares of Prelude Therapeutics from a “buy” rating to a “neutral” rating and lowered their price target for the company from $50.00 to $10.00 in a research note on Tuesday, March 15th. Zacks Investment Research upgraded shares of Prelude Therapeutics from a “hold” rating to a “buy” rating and set a $4.50 price target on the stock in a research note on Saturday. HC Wainwright lowered their price target on shares of Prelude Therapeutics from $62.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, May 12th. Finally, 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 research note on Thursday, March 17th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Prelude Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $12.30.

Institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its stake in shares of 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 during the last quarter. Point72 Hong Kong Ltd increased its stake in shares of Prelude Therapeutics by 141.7% during the 4th quarter. Point72 Hong Kong Ltd now owns 3,872 shares of the company’s stock worth $48,000 after purchasing an additional 2,270 shares during the last quarter. Legal & General Group Plc increased its stake in shares of 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 during the last quarter. Rhumbline Advisers acquired a new position in shares of Prelude Therapeutics during the 1st quarter worth about $69,000. Finally, Ensign Peak Advisors Inc acquired a new position in shares of Prelude Therapeutics during the 4th quarter worth about $101,000. Institutional investors own 73.80% of the company’s stock.

PRLD stock traded down $0.18 during midday trading on Wednesday, hitting $4.69. The company’s stock had a trading volume of 1,364 shares, compared to its average volume of 354,610. Prelude Therapeutics has a twelve month low of $3.87 and a twelve month high of $43.55. The company’s fifty day moving average price is $6.22 and its 200 day moving average price is $10.02.

Prelude Therapeutics (NASDAQ:PRLD – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.65) by $0.02. As a group, equities research analysts forecast that Prelude Therapeutics will post -2.64 EPS for the current fiscal year.

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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