Prelude Therapeutics Incorporated (NASDAQ:PRLD) Short Interest Update

Prelude Therapeutics Incorporated (NASDAQ:PRLD) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 1,720,000 shares, a decline of 19.6% from the August 15th total of 2,140,000 shares. Based on an average daily volume of 116,600 shares, the days-to-cover ratio is currently 14.8 days. Currently, 7.1% of the shares of the stock are short sold.

Institutional Trading of Prelude Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its stake in shares of Prelude Therapeutics by 67.9% in the third quarter. Royal Bank of Canada now owns 4,200 shares of the company’s stock worth $28,000 after buying an additional 1,699 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Prelude Therapeutics during the 1st quarter valued at $50,000. JPMorgan Chase & Co. raised its stake in Prelude Therapeutics by 569.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 9,339 shares of the company’s stock valued at $42,000 after purchasing an additional 7,945 shares during the last quarter. Rhumbline Advisers acquired a new position in Prelude Therapeutics during the 1st quarter valued at $69,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Prelude Therapeutics during the 2nd quarter valued at $45,000. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRLD has been the topic of several analyst reports. Morgan Stanley reissued an “equal weight” rating and issued a $10.00 target price on shares of Prelude Therapeutics in a research report on Friday, August 4th. Barclays dropped their target price on shares of Prelude Therapeutics from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Friday, August 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $17.00 price objective on shares of Prelude Therapeutics in a research report on Thursday, August 17th.

Prelude Therapeutics Stock Up 1.3 %

PRLD stock traded up $0.04 during trading hours on Monday, hitting $3.22. The company’s stock had a trading volume of 18,302 shares, compared to its average volume of 98,603. The company has a market capitalization of $176.49 million, a PE ratio of -1.35 and a beta of 0.33. Prelude Therapeutics has a 12 month low of $3.07 and a 12 month high of $8.66. The stock has a 50 day moving average price of $3.85 and a two-hundred day moving average price of $5.20.

Prelude Therapeutics (NASDAQ:PRLD) last posted its earnings results on Thursday, August 3rd. The company reported ($0.54) EPS for the quarter, topping the consensus estimate of ($0.65) by $0.11. Sell-side analysts expect that Prelude Therapeutics will post -2.36 earnings per share for the current year.

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 PRT811, which is in Phase 1 clinical trials in solid tumors, including glioblastoma. The company is also 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 4/6 inhibitor, 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 2 clinical trial for the treatment of advanced and metastatic solid tumors; and PRT3879, a SMARCA2 selective protein degrader, which is in Phase 1 clinical trial for the treatment of advanced and metastatic solid tumors with loss of SMARCA4 due to truncating mutation and/or deletion.