Wilmington, DE – Prelude Therapeutics Inc (NASDAQ:PRLD) CEO Vaddi Krishna recently acquired 5,000 shares of the company’s common stock, according to a recent SEC filing. The transaction, valued at approximately $6,043, was executed at a price of $1.2087 per share on December 31, 2024. The purchase comes as the stock trades significantly below its 52-week high of $6.80, with InvestingPro analysis indicating the company is currently undervalued.
Following this purchase, Krishna holds a substantial number of shares in the company, with direct ownership of 1,167,275 shares. Additionally, indirect ownership includes shares held in various trusts, with 551,776 shares in one trust and 551,774 shares in another, along with 423,655 shares in a third trust. This insider confidence comes despite the stock’s 65% decline over the past six months, though InvestingPro data shows the company maintains a strong current ratio of 7.04 and holds more cash than debt on its balance sheet.
The filing also notes that Krishna serves as both a director and CEO of Prelude Therapeutics, a pharmaceutical company based in Wilmington, Delaware. The company continues to focus on innovative treatments in the life sciences sector. With a market capitalization of $68.79 million, analysts have set price targets ranging from $1 to $10, reflecting diverse views on the company’s prospects. For deeper insights into insider trading patterns and comprehensive analysis, investors can access the full Pro Research Report on InvestingPro.
In other recent news, Prelude Therapeutics Incorporated has announced significant developments in its ongoing cancer drug trials. The company’s lead candidate, PRT3789, currently in Phase 1 clinical trials, is showing positive early results with seven out of 26 patients experiencing tumor shrinkage. The trials are on schedule, with the company aiming to establish the biologically active dose for future studies by the end of 2024.
Prelude is also enrolling patients for trials focusing on non-small cell lung cancer and SMARCA4 loss-of-function mutations at higher dose levels. In addition to this, Prelude introduced preclinical data from its precision degrader antibody conjugates program, aiming to extend precision medicine to all cancer patients in need.
The company ended the first quarter of 2024 with approximately $201.9 million in cash and equivalents, despite reporting no revenues. Moreover, Prelude is partnering with Merck (NS:PROR) to initiate a Phase 2 clinical trial, combining PRT3789 with Merck’s anti-PD-1 therapy, KEYTRUDA.
In terms of analyst outlook, H.C. Wainwright upgraded Prelude’s shares from Neutral to Buy, while Barclays (LON:BARC) downgraded the stock from Equalweight to Underweight. These recent developments reflect Prelude’s commitment to advancing its cancer drug portfolio.
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