JMP Securities Reiterates Market Outperform Rating for Prelude Therapeutics (NASDAQ:PRLD)

Prelude Therapeutics (NASDAQ:PRLD)‘s stock had its “market outperform” rating reissued by analysts at JMP Securities in a report released on Tuesday,Benzinga reports. They currently have a $4.00 price target on the stock. JMP Securities’ price objective would indicate a potential upside of 316.67% from the stock’s previous close.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of Prelude Therapeutics in a research note on Tuesday, April 8th.

Prelude Therapeutics Price Performance

Shares of Prelude Therapeutics stock opened at $0.96 on Tuesday. Prelude Therapeutics has a fifty-two week low of $0.61 and a fifty-two week high of $6.80. The firm has a market capitalization of $54.20 million, a P/E ratio of -0.54 and a beta of 1.35. The company’s 50 day moving average price is $0.75 and its two-hundred day moving average price is $1.02.

Prelude Therapeutics (NASDAQ:PRLD) last issued its earnings results on Monday, March 10th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.11. The company had revenue of $4.00 million during the quarter. On average, analysts expect that Prelude Therapeutics will post -1.81 earnings per share for the current year.

Insider Activity

In other Prelude Therapeutics news, insider Andrew Combs purchased 100,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was purchased at an average price of $0.69 per share, with a total value of $69,000.00. Following the completion of the purchase, the insider now owns 480,123 shares of the company’s stock, valued at approximately $331,284.87. The trade was a 26.31 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Krishna Vaddi bought 675,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was purchased at an average price of $0.69 per share, for a total transaction of $465,750.00. Following the acquisition, the chief executive officer now owns 1,999,296 shares of the company’s stock, valued at $1,379,514.24. This trade represents a 50.97 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 822,500 shares of company stock valued at $568,475. Insiders own 62.80% of the company’s stock.

Institutional Investors Weigh In On Prelude Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Boxer Capital Management LLC bought a new stake in shares of Prelude Therapeutics during the 4th quarter valued at about $2,178,000. Jacobs Levy Equity Management Inc. boosted its position in shares of Prelude Therapeutics by 280.9% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 666,574 shares of the company’s stock valued at $850,000 after purchasing an additional 491,595 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Prelude Therapeutics by 222.2% during the 4th quarter. Renaissance Technologies LLC now owns 634,500 shares of the company’s stock valued at $809,000 after purchasing an additional 437,600 shares in the last quarter. Millennium Management LLC boosted its position in shares of Prelude Therapeutics by 188.2% during the 4th quarter. Millennium Management LLC now owns 462,555 shares of the company’s stock valued at $590,000 after purchasing an additional 302,031 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Prelude Therapeutics by 9.2% during the 4th quarter. Marshall Wace LLP now owns 392,155 shares of the company’s stock valued at $498,000 after purchasing an additional 33,018 shares in the last quarter. Institutional investors own 79.72% of the company’s stock.

About Prelude Therapeutics

Prelude Therapeutics Incorporated, a clinical-stage biopharmaceutical company, focuses on the discovery and development of novel precision cancer medicines to underserved patients. It is developing PRT1419, a myeloid cell leukemia-1 inhibitor, which is in Phase 1 clinical trial for the treatment of selected relapsed/refractory myeloid or B-cell malignancies; PRT2527, a cyclin-dependent kinase, which is in Phase 1 clinical trial for the treatment of advanced solid tumors; PRT3645, a cyclin-dependent kinase 4/6 inhibitor, which is in Phase 1 clinical trial for the treatment of advanced and metastatic solid tumors; and PRT3879, a SMARCA2 selective protein degrader, which is in Phase 2/3 clinical trial for the treatment of advanced and metastatic solid tumors with loss of SMARCA4 due to truncating mutation and/or deletion.