Prelude Therapeutics (NASDAQ:PRLD) Given Buy Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Prelude Therapeutics (NASDAQ:PRLD) in a report published on Monday,Benzinga reports. The firm currently has a $5.00 price target on the stock.

Separately, JMP Securities restated a “market outperform” rating and set a $4.00 target price on shares of Prelude Therapeutics in a research report on Tuesday, April 29th.

Prelude Therapeutics Trading Down 7.4 %

Shares of PRLD opened at $0.82 on Monday. The firm has a market capitalization of $35.83 million, a price-to-earnings ratio of -0.46 and a beta of 1.30. Prelude Therapeutics has a twelve month low of $0.61 and a twelve month high of $6.80. The firm’s fifty day simple moving average is $0.75 and its 200-day simple moving average is $0.99.

Prelude Therapeutics (NASDAQ:PRLD) last issued its quarterly earnings results on Monday, March 10th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.11. The company had revenue of $4.00 million during the quarter. On average, analysts predict that Prelude Therapeutics will post -1.81 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Krishna Vaddi bought 675,000 shares of Prelude Therapeutics stock in a transaction dated Tuesday, March 25th. The shares were acquired at an average cost of $0.69 per share, with a total value of $465,750.00. Following the completion of the transaction, the chief executive officer now owns 1,999,296 shares in the company, valued at approximately $1,379,514.24. This trade represents a 50.97 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Combs bought 100,000 shares of the stock in a transaction dated Tuesday, March 25th. The shares were acquired at an average price of $0.69 per share, with a total value of $69,000.00. Following the completion of the purchase, the insider now directly owns 480,123 shares of the company’s stock, valued at approximately $331,284.87. This represents a 26.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 822,500 shares of company stock valued at $568,475 in the last 90 days. 62.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC lifted its position in shares of Prelude Therapeutics by 86.0% during the third quarter. Barclays PLC now owns 27,165 shares of the company’s stock worth $57,000 after purchasing an additional 12,564 shares during the last quarter. Geode Capital Management LLC lifted its stake in Prelude Therapeutics by 8.2% during the third quarter. Geode Capital Management LLC now owns 391,716 shares of the company’s stock worth $811,000 after purchasing an additional 29,765 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Prelude Therapeutics by 222.2% during the 4th quarter. Renaissance Technologies LLC now owns 634,500 shares of the company’s stock valued at $809,000 after buying an additional 437,600 shares during the last quarter. Rhumbline Advisers boosted its position in Prelude Therapeutics by 1,289.8% during the 4th quarter. Rhumbline Advisers now owns 166,830 shares of the company’s stock valued at $213,000 after purchasing an additional 154,826 shares during the period. Finally, Boxer Capital Management LLC acquired a new position in shares of Prelude Therapeutics during the fourth quarter valued at $2,178,000. 79.72% of the stock is owned by institutional investors and hedge funds.

About Prelude Therapeutics

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.