Prelude Therapeutics Incorporated (NASDAQ:PRLD) Sees Significant Decline in Short Interest

Prelude Therapeutics Incorporated (NASDAQ:PRLD) was the recipient of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 2,490,000 shares, a decrease of 25.2% from the September 15th total of 3,330,000 shares. Approximately 11.7% of the shares of the company are short sold. Based on an average trading volume of 282,900 shares, the days-to-cover ratio is presently 8.8 days.

Analysts Set New Price Targets

PRLD has been the subject of a number of research reports. JMP Securities restated a “market outperform” rating and set a $7.00 target price on shares of Prelude Therapeutics in a research report on Monday, September 16th. Barclays downgraded Prelude Therapeutics from an “equal weight” rating to an “underweight” rating and set a $3.00 target price on the stock. in a research note on Thursday, June 20th. Finally, HC Wainwright raised Prelude Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 19th.

Prelude Therapeutics Stock Up 0.8 %

Shares of NASDAQ:PRLD traded up $0.02 during trading on Friday, reaching $1.96. 126,967 shares of the company’s stock traded hands, compared to its average volume of 133,148. The firm has a market cap of $107.56 million, a PE ratio of -1.09 and a beta of 1.48. Prelude Therapeutics has a fifty-two week low of $1.66 and a fifty-two week high of $6.80. The company has a 50-day simple moving average of $3.98 and a 200-day simple moving average of $4.21.

Prelude Therapeutics (NASDAQ:PRLD) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.46) EPS for the quarter, meeting analysts’ consensus estimates of ($0.46). On average, equities research analysts forecast that Prelude Therapeutics will post -1.85 EPS for the current year.

Hedge Funds Weigh In On Prelude Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC lifted its stake 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 buying an additional 6,615 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Prelude Therapeutics by 1.0% in the first quarter. Vanguard Group Inc. now owns 1,016,999 shares of the company’s stock valued at $4,821,000 after acquiring an additional 10,143 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Prelude Therapeutics by 2.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 522,375 shares of the company’s stock worth $1,990,000 after acquiring an additional 14,226 shares during the last quarter. Kennedy Capital Management LLC purchased a new stake in shares of Prelude Therapeutics during the first quarter worth approximately $119,000. Finally, Exchange Traded Concepts LLC raised its stake in Prelude Therapeutics by 32.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 64,409 shares of the company’s stock valued at $133,000 after purchasing an additional 15,682 shares during the last quarter. 79.72% of the stock is owned by hedge funds and other 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.