Prelude Therapeutics Incorporated (NASDAQ:PRLD) Short Interest Update

Prelude Therapeutics Incorporated (NASDAQ:PRLD) saw a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 2,160,000 shares, a drop of 30.3% from the February 13th total of 3,100,000 shares. Based on an average daily volume of 392,100 shares, the days-to-cover ratio is presently 5.5 days. Currently, 7.9% of the shares of the company are short sold.

Prelude Therapeutics Trading Down 2.2 %

Shares of PRLD traded down $0.02 during mid-day trading on Tuesday, hitting $0.74. 10,914 shares of the company’s stock were exchanged, compared to its average volume of 243,366. Prelude Therapeutics has a fifty-two week low of $0.66 and a fifty-two week high of $6.80. The firm has a market capitalization of $40.70 million, a P/E ratio of -0.41 and a beta of 1.43. The business’s 50 day moving average is $0.96 and its two-hundred day moving average is $1.54.

Prelude Therapeutics (NASDAQ:PRLD) last announced its earnings results on Monday, March 10th. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.11. The business had revenue of $4.00 million for the quarter. On average, equities research analysts forecast that Prelude Therapeutics will post -1.81 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Andrew Combs acquired 60,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were bought at an average price of $1.37 per share, with a total value of $82,200.00. Following the completion of the acquisition, the insider now owns 377,623 shares in the company, valued at $517,343.51. This trade represents a 18.89 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Krishna Vaddi acquired 100,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were purchased at an average cost of $0.93 per share, for a total transaction of $93,000.00. Following the acquisition, the chief executive officer now owns 1,167,275 shares of the company’s stock, valued at approximately $1,085,565.75. The trade was a 9.37 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 245,575 shares of company stock valued at $247,211. 62.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prelude Therapeutics

Hedge funds have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted its position in Prelude Therapeutics by 5.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 549,530 shares of the company’s stock valued at $1,138,000 after purchasing an additional 27,155 shares during the period. Walleye Capital LLC lifted its position in Prelude Therapeutics by 446.2% in the third quarter. Walleye Capital LLC now owns 83,175 shares of the company’s stock valued at $172,000 after purchasing an additional 67,946 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in Prelude Therapeutics by 885.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 174,979 shares of the company’s stock valued at $362,000 after purchasing an additional 157,218 shares during the period. State Street Corp lifted its position in Prelude Therapeutics by 35.1% in the third quarter. State Street Corp now owns 286,046 shares of the company’s stock valued at $592,000 after purchasing an additional 74,300 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Prelude Therapeutics in the third quarter valued at about $100,000. Institutional investors and hedge funds own 79.72% of the company’s stock.

Analysts Set New Price Targets

Separately, JMP Securities reaffirmed a “market outperform” rating and set a $4.00 price objective (down previously from $7.00) on shares of Prelude Therapeutics in a report on Wednesday, December 11th.

Prelude Therapeutics Company Profile

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.