Prelude Therapeutics price target lowered to $1 from $3 at Barclays

Barclays analyst Peter Lawson lowered the firm’s price target on Prelude Therapeutics (PRLD) to $1 from $3 and keeps an Underweight rating on the shares. The updated SMARCA2 degrader data show an uptick in response rates for lung cancer at higher doses and class 1 mutations albeit on small number of patients, and the safety profile remains encouraging, the analyst tells investors in a research note. The firm, however, continues to see better risk/reward in other names.