Prelude Therapeutics Incorporated (NASDAQ:PRLD) Stock Has Consensus Price Target of $8.75 According to Analysts

Shares of Prelude Therapeutics Incorporated (NASDAQ:PRLD) have been assigned an average recommendation of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $8.75.

Several analysts have weighed in on the company. JPMorgan Chase & Co. started coverage on Prelude Therapeutics in a report on Thursday, September 17th. They issued an “overweight” rating and a $12.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Prelude Therapeutics in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prelude Therapeutics in a research note on Wednesday, July 29th. Finally, Wall Street Zen lowered shares of Prelude Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, September 19th.

Prelude Therapeutics Stock Down 3.2%

PRLD opened at $3.67 on Thursday. The stock has a market cap of $292.87 million, a PE ratio of -5.03 and a beta of 0.97. Prelude Therapeutics has a twelve month low of $1.15 and a twelve month high of $6.83. The company has a fifty day moving average of $5.02 and a 200-day moving average of $4.49.

Prelude Therapeutics (NASDAQ:PRLD) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.06. The business had revenue of $5.70 million for the quarter, compared to the consensus estimate of $5.70 million. Sell-side analysts anticipate that Prelude Therapeutics will post -0.61 EPS for the current fiscal year.

Institutional Trading of Prelude Therapeutics

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Prelude Therapeutics during the second quarter valued at about $9,581,000. EcoR1 Capital LLC purchased a new position in shares of Prelude Therapeutics in the 1st quarter worth about $3,239,000. ADAR1 Capital Management LLC purchased a new position in shares of Prelude Therapeutics in the 2nd quarter worth about $4,802,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Prelude Therapeutics during the 2nd quarter valued at about $669,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Prelude Therapeutics during the 2nd quarter valued at about $363,000. 79.72% of the stock is owned by institutional investors.

About Prelude Therapeutics

Prelude Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancer. The company uses cancer biology, medicinal chemistry and targeted drug-discovery approaches to identify small-molecule therapies designed to address genetic and molecular vulnerabilities in tumors.

Prelude’s investigational pipeline has included PRT3789, a selective SMARCA2 protein degrader being developed for cancers with SMARCA4 loss, and PRT2527, a selective cyclin-dependent kinase 9 (CDK9) inhibitor under evaluation for oncology applications.