Prelude Therapeutics Incorporated (NASDAQ:PRLD) Sees Large Decrease in Short Interest

Prelude Therapeutics Incorporated (NASDAQ:PRLD - Get Free Report) was the target of a large 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. Based on an average daily volume of 282,900 shares, the days-to-cover ratio is presently 8.8 days. Approximately 11.7% of the shares of the stock are sold short.

Prelude Therapeutics Price Performance

Prelude Therapeutics stock traded up $0.02 during mid-day trading on Friday, reaching $1.96. 126,967 shares of the company traded hands, compared to its average volume of 133,148. Prelude Therapeutics has a fifty-two week low of $1.66 and a fifty-two week high of $6.80. The company has a market capitalization of $107.56 million, a price-to-earnings ratio of -1.09 and a beta of 1.48. The firm's fifty day moving average is $3.98 and its two-hundred day moving average is $4.21.

Prelude Therapeutics (NASDAQ:PRLD - Get Free Report) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.46) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.46). As a group, equities research analysts predict that Prelude Therapeutics will post -1.85 earnings per share for the current year.

Hedge Funds Weigh In On Prelude Therapeutics

Several large investors have recently made changes to their positions in PRLD. Vanguard Group Inc. grew its holdings in 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 purchasing an additional 10,143 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Prelude Therapeutics by 2.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 522,375 shares of the company's stock worth $1,990,000 after buying an additional 14,226 shares during the period. Exchange Traded Concepts LLC increased its stake in Prelude Therapeutics by 32.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 64,409 shares of the company's stock worth $133,000 after buying an additional 15,682 shares during the period. Dimensional Fund Advisors LP raised its position in Prelude Therapeutics by 103.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 29,074 shares of the company's stock valued at $111,000 after purchasing an additional 14,769 shares in the last quarter. Finally, Kennedy Capital Management LLC acquired a new stake in shares of Prelude Therapeutics in the 1st quarter valued at $119,000. 79.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on the company. HC Wainwright raised shares of Prelude Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 19th. 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. Finally, Barclays lowered shares of Prelude Therapeutics from an "equal weight" rating to an "underweight" rating and set a $3.00 target price on the stock. in a research report on Thursday, June 20th.

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.