Prelude Therapeutics (NASDAQ:PRLD) Rating Lowered to “Hold” at Wall Street Zen

Prelude Therapeutics (NASDAQ:PRLD) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities analysts have also issued reports on the company. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. JPMorgan Chase & Co. initiated coverage on Prelude Therapeutics in a research report on Thursday. They issued an “overweight” rating and a $12.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.75.

Prelude Therapeutics Price Performance

Shares of NASDAQ PRLD opened at $4.87 on Friday. The business’s 50 day moving average is $5.02 and its two-hundred day moving average is $4.44. Prelude Therapeutics has a 52-week low of $0.98 and a 52-week high of $6.83. The firm has a market cap of $388.63 million, a price-to-earnings ratio of -6.67 and a beta of 0.97.

Prelude Therapeutics (NASDAQ:PRLD) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.06. The firm had revenue of $5.70 million for the quarter, compared to analysts’ expectations of $5.70 million. Analysts anticipate that Prelude Therapeutics will post -0.61 EPS for the current fiscal year.

Institutional Trading of Prelude Therapeutics

A number of large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Prelude Therapeutics in the second quarter valued at $9,581,000. EcoR1 Capital LLC acquired a new stake in Prelude Therapeutics in the 1st quarter valued at about $3,239,000. ADAR1 Capital Management LLC purchased a new position in shares of Prelude Therapeutics in the 2nd quarter valued at about $4,802,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Prelude Therapeutics during the second quarter worth about $669,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Prelude Therapeutics during the second quarter worth about $363,000. Hedge funds and other institutional investors own 79.72% of the company’s stock.

About Prelude Therapeutics

Prelude Therapeutics Inc is a clinical-stage biopharmaceutical company focused on discovering and developing precision medicines for cancer. The company’s research is centered on small-molecule therapies designed to target biological mechanisms that cancer cells depend on, including epigenetic regulators and other proteins involved in tumor growth and survival.

Prelude’s development programs have included PRT2527, a selective cyclin-dependent kinase 9 (CDK9) inhibitor; PRT3789, a SMARCA2 protein degrader; and PRT1419, an inhibitor of the MCL1 protein.