JMP Securities Starts Prelude Therapeutics (PRLD) at Market Outperform, 'Precision Targeting of SMARCA Drives Cell Kill'

(Updated - March 13, 2024 3:56 AM EDT)

JMP Securities analyst Reni Benjamin initiates coverage on Prelude Therapeutics (NASDAQ: PRLD) with a Market Outperform rating and a price target of $7.00.

The analyst comments "We initiate coverage of Prelude Therapeutics with a Market Outperform rating and price target of $7 based on a discounted earnings per share and revenue multiple analysis. Prelude’s novel PROTAC-targeting SMARCA2 takes advantage of synthetic lethality, a well-understood phenomenon, which exploits the interdependence between two genes for survival. Preclinical results showcase a promising novel target in the fight against cancer. With two assets advancing through the clinic and initial results expected in 2H24, and a cash position of $233MM, we believe Prelude shares have ~51% potential downside (bear case is $2) and ~120% potential upside (bull case is $9)."

For an analyst ratings summary and ratings history on Prelude Therapeutics click here. For more ratings news on Prelude Therapeutics click here.

Shares of Prelude Therapeutics closed at $4.10 yesterday.

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