Wilmington, DE - In a recent transaction reported to the Securities and Exchange Commission, Vaddi Krishna, CEO of Prelude Therapeutics Inc (NASDAQ:PRLD), acquired 10,000 shares of the company's common stock. The shares were purchased at a price of $1.20 each, totaling an investment of $12,000. According to InvestingPro data, this purchase comes as the company, currently valued at $69 million, maintains a strong cash position with more cash than debt on its balance sheet.
Following this transaction, Krishna holds a significant number of shares both directly and indirectly. The report indicates that Krishna's direct holdings amount to 1,167,275 shares. Additionally, through various trusts, Krishna holds indirect ownership of shares, including 551,776 shares by one trust, 551,774 shares by another, and 423,665 shares by a third. The insider purchase comes as the stock has experienced a significant decline, down nearly 66% over the past six months.
The transactions were completed on December 30, 2024, and were officially filed with the SEC on January 2, 2025. These movements reflect Krishna's continued investment in the company he leads, underscoring his confidence in Prelude Therapeutics' future prospects. InvestingPro analysis indicates the stock is currently undervalued, with analyst price targets ranging from $1 to $10. Discover more insights and 11 additional ProTips for PRLD with an InvestingPro subscription.
In other recent news, Prelude Therapeutics Incorporated has made significant progress in its cancer drug trials. The company's lead candidate, PRT3789, is currently in Phase 1 clinical trials, with the aim to establish the biologically active dose for future studies by the end of 2024. The enrollment for the trial is on track, and the focus is on patients with advanced solid tumors harboring SMARCA4 mutations.
Prelude has also begun enrolling patients into cohorts focusing on non-small cell lung cancer (NSCLC) and SMARCA4 loss-of-function mutations at higher dose levels. The company's preclinical data suggests that a potent dual SMARCA2/4 degrader payload can be attached to an antibody to specifically target tumor cells, potentially offering an alternative to chemotherapy payloads on antibody-drug conjugates (ADCs).
In financial highlights, Prelude ended the first quarter of 2024 with approximately $201.9 million in cash and equivalents, despite reporting no revenues. The company is also collaborating with pharmaceutical giant Merck (NS:PROR) to initiate a Phase 2 clinical trial, combining PRT3789 with Merck's anti-PD-1 therapy, KEYTRUDA.
Among recent analyst actions, H.C. Wainwright upgraded Prelude's shares from Neutral to Buy, while Barclays (LON:BARC) downgraded the stock from Equalweight to Underweight. These are among the developments in the company's continuous endeavors in advancing its cancer drug portfolio.
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