Prelude Therapeutics (NASDAQ:PRLD) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Prelude Therapeutics (NASDAQ:PRLD) from a hold rating to a buy rating in a report published on Saturday.

Several other analysts also recently issued reports on the company. Zacks Research raised Prelude Therapeutics to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings upgraded Prelude Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. HC Wainwright reaffirmed a “buy” rating on shares of Prelude Therapeutics in a research report on Wednesday, July 15th. Finally, D. Boral Capital began coverage on shares of Prelude Therapeutics in a research report on Monday, May 4th. They set a “buy” rating and a $9.00 price target for the company. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.67.

Prelude Therapeutics Trading Down 2.5%

Shares of PRLD stock opened at $3.83 on Friday. The firm has a fifty day simple moving average of $4.31 and a 200-day simple moving average of $3.60. The company has a market capitalization of $305.02 million, a PE ratio of -3.83 and a beta of 0.95. Prelude Therapeutics has a twelve month low of $0.75 and a twelve month high of $5.69.

Prelude Therapeutics (NASDAQ:PRLD) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.14. The company had revenue of $4.58 million for the quarter, compared to analyst estimates of $4.58 million. Equities research analysts predict that Prelude Therapeutics will post -0.62 EPS for the current year.

Hedge Funds Weigh In On Prelude Therapeutics

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in shares of Prelude Therapeutics by 476.3% in the first quarter. Bank of America Corp DE now owns 56,525 shares of the company’s stock worth $193,000 after acquiring an additional 46,717 shares during the last quarter. ADAR1 Capital Management LLC bought a new stake in Prelude Therapeutics in the first quarter worth $523,000. EcoR1 Capital LLC bought a new stake in Prelude Therapeutics in the first quarter worth $3,239,000. Renaissance Technologies LLC increased its position in Prelude Therapeutics by 1.4% during the first quarter. Renaissance Technologies LLC now owns 275,200 shares of the company’s stock worth $941,000 after buying an additional 3,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in Prelude Therapeutics during the first quarter worth $120,000. 79.72% of the stock is currently owned by institutional investors and hedge funds.

About Prelude Therapeutics

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.