Prelude Therapeutics (NASDAQ:PRLD) Shares Up 9.3% – Time to Buy?

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

Analysts Set New Price Targets

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

Prelude Therapeutics Stock Up 13.7%

The stock’s 50 day moving average is $4.66 and its 200 day moving average is $3.96. The firm has a market cap of $523.23 million, a price-to-earnings ratio of -9.00 and a beta of 0.96.

Prelude Therapeutics (NASDAQ:PRLD) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share 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. Analysts anticipate that Prelude Therapeutics Incorporated will post -0.62 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 PRLD. AQR Capital Management LLC increased its stake in shares of Prelude Therapeutics by 170.7% during the 1st quarter. AQR Capital Management LLC now owns 33,823 shares of the company’s stock worth $26,000 after purchasing an additional 21,330 shares during the last quarter. XTX Topco Ltd raised its stake in shares of 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 buying an additional 17,873 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Prelude Therapeutics in the 2nd quarter valued at approximately $34,000. Shay Capital LLC acquired a new position in Prelude Therapeutics during the second quarter worth $61,000. Finally, GSA Capital Partners LLP bought a new position in Prelude Therapeutics during the 2nd quarter valued at about $68,000. 79.72% of the stock is 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.