WILMINGTON, Del.—Krishna Vaddi, the CEO of Prelude Therapeutics Inc (NASDAQ:PRLD), recently acquired shares of the company's common stock valued at approximately $99,325. The transactions took place on December 18 and December 19, 2024, coming at a time when the stock has declined over 77% in the past year. According to InvestingPro analysis, the company currently appears undervalued relative to its Fair Value.
The purchases involved two separate transactions. On December 18, Vaddi acquired 100,000 shares at a weighted average price of $0.9321 per share. The following day, he purchased an additional 6,888 shares at $0.8879 per share. The total transaction value for these acquisitions ranged between $0.8879 and $0.9321 per share.
Following these transactions, Vaddi's direct ownership in Prelude Therapeutics increased to 1,167,275 shares. Additional holdings are reported indirectly through various trusts, although Vaddi disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.
Prelude Therapeutics, a biopharmaceutical company based in Wilmington, Delaware, focuses on developing innovative therapies for cancer treatment.
In other recent news, Prelude Therapeutics Incorporated has been making significant strides in their clinical trials. The company reported encouraging preliminary results from Phase 1 trials of its lead candidate, PRT3789, a novel SMARCA2 degrader, with seven out of 26 patients showing tumor shrinkage. The trials are currently on schedule, with the company aiming to complete the monotherapy dose escalation by the end of 2024.
In addition, Prelude is actively enrolling patients into cohorts focusing on non-small cell lung cancer (NSCLC) and SMARCA4 loss-of-function mutations at higher dose levels. This is expected to assist in evaluating the drug's clinical efficacy in a more homogeneous patient group.
Furthermore, Prelude has partnered with pharmaceutical giant Merck (NS:PROR) to kickstart a Phase 2 clinical trial, combining PRT3789 with Merck's anti-PD-1 therapy, KEYTRUDA. This collaboration underscores Prelude's dedication to advancing its cancer drug portfolio.
On the financial front, despite reporting no revenues, Prelude ended the first quarter of 2024 with approximately $201.9 million in cash and equivalents. In terms of analyst ratings, H.C. Wainwright upgraded Prelude's shares from Neutral to Buy, while Barclays (LON:BARC) downgraded the stock from Equalweight to Underweight. These are the recent developments observed in the company's journey.
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