Prelude Therapeutics (NASDAQ:PRLD) Rating Lowered to Underweight at Barclays

Prelude Therapeutics (NASDAQ:PRLD) was downgraded by research analysts at Barclays from an “equal weight” rating to an “underweight” rating in a research note issued on Thursday, Marketbeat Ratings reports. They currently have a $3.00 target price on the stock. Barclays‘s price target would indicate a potential downside of 22.48% from the company’s previous close.

Separately, JMP Securities assumed coverage on Prelude Therapeutics in a report on Wednesday, March 13th. They set a “mkt outperform” rating and a $7.00 target price on the stock.

Prelude Therapeutics Stock Performance

Shares of PRLD stock opened at $3.87 on Thursday. The firm’s 50 day moving average price is $4.02 and its two-hundred day moving average price is $3.98. Prelude Therapeutics has a 52-week low of $1.66 and a 52-week high of $5.83. The stock has a market cap of $212.58 million, a PE ratio of -2.06 and a beta of 1.56.

Prelude Therapeutics (NASDAQ:PRLD) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.42) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.05. As a group, sell-side analysts predict that Prelude Therapeutics will post -1.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prelude Therapeutics

Several large investors have recently modified their holdings of the business. Barclays PLC grew its position in shares of Prelude Therapeutics by 120.0% in the 3rd quarter. Barclays PLC now owns 13,316 shares of the company’s stock valued at $42,000 after purchasing an additional 7,264 shares during the period. SG Americas Securities LLC bought a new stake in shares of Prelude Therapeutics during the fourth quarter worth $56,000. Pale Fire Capital SE acquired a new stake in shares of Prelude Therapeutics during the third quarter worth $95,000. Acadian Asset Management LLC lifted its position in Prelude Therapeutics by 42.7% in the 1st quarter. Acadian Asset Management LLC now owns 22,110 shares of the company’s stock valued at $104,000 after acquiring an additional 6,615 shares in the last quarter. Finally, Kennedy Capital Management LLC bought a new stake in Prelude Therapeutics in the 1st quarter valued at $119,000. 79.72% of the stock is currently owned by institutional investors.

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.