Prelude Therapeutics initiated with an Outperform at JMP Securities

JMP Securities initiated coverage of Prelude Therapeutics with an Outperform rating and $7 price target. Prelude’s novel PROTAC-targeting SMARCA2 takes advantage of synthetic lethality, a well-understood phenomenon, which exploits the interdependence between two genes for survival, the analyst tells investors in a research note. The firm says its preclinical results showcase a promising novel target in the fight against cancer. It believes the shares have 51% potential downside and 120% potential upside.