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Investing.com -- Shares of Prelude Therapeutics Inc (NASDAQ:PRLD) climbed 13% in after-hours trading following news that insiders, including CEO Vaddi Krishna and Chief Chemistry Officer Andrew Combs, made substantial purchases of the company’s stock. The transactions, which occurred on March 25, have been viewed positively by investors, as the company’s stock had previously plummeted nearly 87% over the past year.
Vaddi Krishna acquired 675,000 shares at a price of $0.6925 per share, totaling an investment of $467,437. This move increased Krishna’s direct holdings to 1,999,296 shares. He also has indirect ownership through various trusts and entities, such as the Dolphin City Trust and Sidus Ventures LLC, although he disclaims beneficial ownership except to the extent of his pecuniary interest.
In a parallel transaction, Andrew Combs purchased 100,000 shares at the same price, amounting to $69,250. Combs now directly holds 480,123 shares, including additional shares acquired through the company’s Employee Stock Purchase Plan.
The insider buying spree comes as a signal of confidence from Prelude’s top executives, which has resonated with the market, leading to the uptick in the stock’s value after hours. Investors often regard insider purchases as a bullish indicator, as it suggests that those with the most knowledge of the company anticipate a positive shift in its performance or valuation.
The market’s reaction appears to align with the historical pattern of stock price increases following insider buying announcements. It remains to be seen how these purchases will affect the long-term performance of Prelude Therapeutics, but for now, the market has responded favorably to the news.
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