JMP Securities Reiterates “Market Outperform” Rating for Prelude Therapeutics (NASDAQ:PRLD)

Prelude Therapeutics (NASDAQ:PRLD)‘s stock had its “market outperform” rating reissued by research analysts at JMP Securities in a report issued on Wednesday,Benzinga reports. They currently have a $4.00 target price on the stock, down from their prior target price of $7.00. JMP Securities’ target price would suggest a potential upside of 316.71% from the stock’s previous close.

Separately, HC Wainwright reissued a “buy” rating and set a $5.00 price target on shares of Prelude Therapeutics in a research report on Friday, November 8th.

Prelude Therapeutics Stock Performance

NASDAQ:PRLD traded down $0.01 during mid-day trading on Wednesday, hitting $0.96. 814,839 shares of the stock were exchanged, compared to its average volume of 176,992. The firm’s 50-day simple moving average is $1.38 and its 200 day simple moving average is $3.32. The stock has a market capitalization of $52.83 million, a price-to-earnings ratio of -0.53 and a beta of 1.49. Prelude Therapeutics has a fifty-two week low of $0.91 and a fifty-two week high of $6.80.

Prelude Therapeutics (NASDAQ:PRLD) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.05. The company had revenue of $3.00 million during the quarter. On average, analysts predict that Prelude Therapeutics will post -1.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Prelude Therapeutics

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Prelude Therapeutics by 1.0% in the first quarter. Vanguard Group Inc. now owns 1,016,999 shares of the company’s stock worth $4,821,000 after acquiring an additional 10,143 shares during the period. Barclays PLC boosted 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 valued at $57,000 after buying an additional 12,564 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Prelude Therapeutics by 2.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 522,375 shares of the company’s stock valued at $1,990,000 after buying an additional 14,226 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Prelude Therapeutics by 103.2% in the second quarter. Dimensional Fund Advisors LP now owns 29,074 shares of the company’s stock worth $111,000 after buying an additional 14,769 shares during the period. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Prelude Therapeutics by 32.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 64,409 shares of the company’s stock worth $133,000 after acquiring an additional 15,682 shares during the last quarter. Institutional investors own 79.72% of the company’s stock.

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.