Prelude Therapeutics (NASDAQ:PRLD) Lowered to “Underweight” at Morgan Stanley

by · The Cerbat Gem

Prelude Therapeutics (NASDAQ:PRLD – Get Free Report) was downgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued on Tuesday, Marketbeat Ratings reports. They presently have a $4.00 price objective on the stock, down from their previous price objective of $10.00. Morgan Stanley’s price objective suggests a potential downside of 8.47% from the company’s current price.

Separately, HC Wainwright cut their price objective on Prelude Therapeutics from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, November 7th.

Get Our Latest Stock Analysis on Prelude Therapeutics

Prelude Therapeutics Stock Performance

PRLD stock opened at $4.37 on Tuesday. Prelude Therapeutics has a one year low of $1.66 and a one year high of $8.56. The company has a fifty day moving average of $2.88 and a 200-day moving average of $3.65. The stock has a market capitalization of $239.61 million, a PE ratio of -2.01 and a beta of 1.31.

Prelude Therapeutics (NASDAQ:PRLD – Get Free Report) last announced its quarterly earnings data on Wednesday, November 1st. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.13. Equities analysts forecast that Prelude Therapeutics will post -2.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prelude Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of PRLD. Vanguard Group Inc. increased its stake in Prelude Therapeutics by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 973,606 shares of the company’s stock valued at $3,008,000 after purchasing an additional 20,668 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Prelude Therapeutics by 23.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 143,957 shares of the company’s stock valued at $445,000 after purchasing an additional 27,470 shares during the last quarter. Pale Fire Capital SE acquired a new position in shares of Prelude Therapeutics during the 3rd quarter worth $95,000. Northern Trust Corp raised its stake in shares of Prelude Therapeutics by 41.6% during the 3rd quarter. Northern Trust Corp now owns 115,518 shares of the company’s stock worth $357,000 after buying an additional 33,923 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Prelude Therapeutics in the 3rd quarter worth about $71,000. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Prelude Therapeutics Company Profile

(Get Free Report)

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.

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