Prelude Therapeutics (NASDAQ:PRLD) Lowered to “Hold” at Zacks Investment Research

Prelude Therapeutics (NASDAQ:PRLDGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Prelude Therapeutics Incorporated is a clinical-stage precision oncology company. It is focused on discovering and developing small molecule therapies optimized to target the key driver mechanisms in cancers with high unmet need. Prelude Therapeutics Incorporated is based in Wilmington, United States. “

Several other analysts have also recently issued reports on the stock. Barclays cut shares of Prelude Therapeutics from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $20.00 to $12.00 in a research note on Monday, February 28th. Morgan Stanley decreased their price target on shares of Prelude Therapeutics from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, March 17th. HC Wainwright decreased their price target on shares of Prelude Therapeutics from $62.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, May 12th. Finally, Bank of America lowered shares of Prelude Therapeutics from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $50.00 to $10.00 in a report on Tuesday, March 15th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Prelude Therapeutics presently has an average rating of “Hold” and a consensus price target of $12.30.

Shares of NASDAQ PRLD opened at $4.88 on Friday. Prelude Therapeutics has a 52-week low of $3.87 and a 52-week high of $43.55. The firm has a fifty day moving average of $5.15 and a 200-day moving average of $8.65. The stock has a market capitalization of $232.76 million, a PE ratio of -1.89 and a beta of 1.71.

Prelude Therapeutics (NASDAQ:PRLDGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.05. On average, sell-side analysts forecast that Prelude Therapeutics will post -2.6 earnings per share for the current fiscal year.

In other news, CFO Laurent Chardonnet bought 10,000 shares of the firm’s stock in a transaction on Wednesday, June 1st. The stock was purchased at an average price of $4.23 per share, for a total transaction of $42,300.00. Following the transaction, the chief financial officer now owns 24,500 shares in the company, valued at $103,635. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 77.38% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. lifted its stake in Prelude Therapeutics by 15.2% during the third quarter. UBS Asset Management Americas Inc. now owns 1,483,319 shares of the company’s stock valued at $46,354,000 after purchasing an additional 195,584 shares during the last quarter. BlackRock Inc. lifted its stake in Prelude Therapeutics by 17.3% during the first quarter. BlackRock Inc. now owns 1,051,960 shares of the company’s stock valued at $7,258,000 after purchasing an additional 155,456 shares during the last quarter. Vanguard Group Inc. lifted its stake in Prelude Therapeutics by 3.8% during the first quarter. Vanguard Group Inc. now owns 800,498 shares of the company’s stock valued at $5,523,000 after purchasing an additional 29,058 shares during the last quarter. Morgan Stanley lifted its stake in Prelude Therapeutics by 472.6% during the third quarter. Morgan Stanley now owns 756,787 shares of the company’s stock valued at $23,650,000 after purchasing an additional 624,622 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Prelude Therapeutics by 2.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 482,119 shares of the company’s stock valued at $3,327,000 after purchasing an additional 13,322 shares during the last quarter. Institutional investors and hedge funds own 73.80% of the company’s stock.

About Prelude Therapeutics (Get Rating)

Prelude Therapeutics Incorporated, a clinical-stage precision oncology company, focuses on the discovery and development of novel precision cancer medicines to underserved patients. It is developing PRT543 that is in Phase 1 clinical trials in select solid tumors and myeloid malignancies; and PRT811, which is in Phase 1 clinical trials in solid tumors, including glioblastoma multiforme.

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