Morgan Stanley Downgrades Prelude Therapeutics: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Morgan Stanley has downgraded Prelude Therapeutics (NASDAQ:PRLD) from an unspecified rating to Underweight, slashing the price target from $10.00 to $4.00. Despite the downgrade, PRLD shares remained stable over the last 24 hours at $4.37. The new price target suggests a potential downside of 8.47% from the current share price. Prelude Therapeutics is a clinical-stage company developing therapies for cancers with high unmet need.
December 19, 2023 | 5:00 pm
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Morgan Stanley downgraded Prelude Therapeutics to Underweight and reduced the price target from $10.00 to $4.00, indicating a potential decrease of 8.47% from the current price.
The downgrade by a major financial institution like Morgan Stanley can have a significant negative impact on investor sentiment, especially with a substantial reduction in the price target. This could lead to a short-term decline in PRLD's stock price as the market adjusts to the new valuation.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100