Prelude Therapeutics (NASDAQ:PRLD) Trading Up 8.5% – Here’s What Happened

Prelude Therapeutics Incorporated (NASDAQ:PRLD)’s stock price was up 8.5% during trading on Monday . The company traded as high as $0.95 and last traded at $0.94. Approximately 64,639 shares were traded during trading, a decline of 53% from the average daily volume of 136,805 shares. The stock had previously closed at $0.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PRLD shares. JMP Securities cut their price objective on Prelude Therapeutics from $4.00 to $3.00 and set a “market outperform” rating for the company in a research report on Monday. HC Wainwright reissued a “buy” rating and set a $5.00 target price on shares of Prelude Therapeutics in a research note on Monday, May 5th.

Prelude Therapeutics Stock Performance

The firm’s 50 day simple moving average is $0.87 and its 200-day simple moving average is $0.85. The company has a market capitalization of $53.44 million, a price-to-earnings ratio of -0.58 and a beta of 1.22.

Prelude Therapeutics (NASDAQ:PRLD) last announced its earnings results on Thursday, August 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.04. As a group, equities analysts anticipate that Prelude Therapeutics Incorporated will post -1.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prelude Therapeutics

A number of hedge funds have recently modified their holdings of the stock. XTX Topco Ltd increased 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 acquiring an additional 17,873 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Prelude Therapeutics in the fourth quarter worth $26,000. AQR Capital Management LLC increased its stake 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 worth $26,000 after acquiring an additional 21,330 shares during the last quarter. Simplex Trading LLC increased its stake in shares of Prelude Therapeutics by 121.2% in the first quarter. Simplex Trading LLC now owns 41,846 shares of the company’s stock worth $32,000 after acquiring an additional 22,932 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Prelude Therapeutics by 9.2% in the fourth quarter. Marshall Wace LLP now owns 392,155 shares of the company’s stock worth $498,000 after acquiring an additional 33,018 shares during the last quarter. 79.72% of the stock is owned by institutional investors and hedge funds.

Prelude Therapeutics Company Profile

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.