Prelude Therapeutics (NASDAQ:PRLD) Trading 9.3% Higher – Here’s What Happened

Prelude Therapeutics Incorporated (NASDAQ:PRLD)’s stock price shot up 9.3% during trading on Thursday . The company traded as high as $6.11 and last traded at $6.32. Approximately 324,668 shares changed hands during trading, a decline of 20% from the average daily volume of 408,125 shares. The stock had previously closed at $5.78.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRLD. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of Prelude Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. D. Boral Capital assumed coverage on Prelude Therapeutics in a research report on Monday, May 4th. They issued a “buy” rating and a $9.00 target price on the stock. Finally, Zacks Research raised Prelude Therapeutics to a “hold” rating in a research report on Tuesday, April 28th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.67.

Prelude Therapeutics Stock Performance

The stock has a market capitalization of $523.23 million, a P/E ratio of -9.00 and a beta of 0.96. The company’s fifty day simple moving average is $4.66 and its two-hundred day simple moving average is $3.96.

Prelude Therapeutics (NASDAQ:PRLD) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $5.70 million during the quarter, compared to analyst estimates of $5.70 million. On average, research analysts predict that Prelude Therapeutics Incorporated will post -0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prelude Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in PRLD. AQR Capital Management LLC boosted 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 valued at $26,000 after buying an additional 21,330 shares during the period. Acadian Asset Management LLC raised its holdings in Prelude Therapeutics by 9.1% in the 1st quarter. Acadian Asset Management LLC now owns 529,327 shares of the company’s stock valued at $405,000 after acquiring an additional 43,946 shares in the last quarter. XTX Topco Ltd raised its holdings in Prelude Therapeutics by 72.4% in the 2nd quarter. XTX Topco Ltd now owns 42,573 shares of the company’s stock valued at $34,000 after acquiring an additional 17,873 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Prelude Therapeutics during the 2nd quarter valued at $34,000. Finally, Jane Street Group LLC bought a new stake in shares of Prelude Therapeutics during the 2nd quarter valued at $74,000. 79.72% of the stock is currently owned by institutional investors and hedge funds.

Prelude Therapeutics Company Profile

Prelude Therapeutics Incorporated is a clinical-stage precision medicine company focused on the discovery and development of small molecule therapies for genetically defined oncology targets. By leveraging a chemical biology approach, the company aims to deliver targeted treatments that address key drivers of cancer cell growth and survival. Prelude’s pipeline emphasizes novel inhibitors designed to engage molecular pathways validated by both preclinical and clinical evidence.

Among Prelude’s lead programs is PRT2527, a selective PI3K‐alpha/delta inhibitor in Phase 1 clinical trials for solid tumors harboring PIK3CA and other pathway mutations.