Morgan Stanley Downgrades Prelude Therapeutics to Underweight, Lowers Price Target to $4
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Jeffrey Hung has downgraded Prelude Therapeutics (NASDAQ:PRLD) from Equal-Weight to Underweight and reduced the price target from $10 to $4. This reflects a more bearish outlook on the company's stock by the analyst.
December 19, 2023 | 2:33 pm
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Prelude Therapeutics' stock rating has been downgraded by Morgan Stanley from Equal-Weight to Underweight, with a significant reduction in the price target from $10 to $4.
The downgrade by a major financial institution like Morgan Stanley can have a significant negative impact on investor sentiment towards PRLD. The substantial decrease in the price target suggests that the analyst sees considerable downside risk to the stock's current price, which could lead to a short-term decline in the stock's market value.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100