Prelude Therapeutics price target lowered to $4 from $7 at JMP Securities

JMP Securities lowered the firm’s price target on Prelude Therapeutics (PRLD) to $4 from $7 and keeps an Outperform rating on the shares after the company’s ASH presentation, where it presented a poster highlighting PRT2527, a CDK9 inhibitor, as a monotherapy and in combination with Brukinsa. JMP continues to believe Prelude shares represent an attractive investment opportunity with three assets advancing through the clinic, initial PRT3789 monotherapy demonstrating modest efficacy and a potential path forward as a combination agent, and a cash position of $153.6M, the analyst tells investors in a research note.