Prelude Therapeutics price target lowered to $6 from $17 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns lowered the firm’s price target on Prelude Therapeutics to $6 from $17 and keeps a Buy rating on the shares. The analyst says PRT2527 appears to have limited utility in solid tumors. Given PRT2527’s efficacy profile seen in solid tumors, the firm lowered the probability of approval for this agent in MYC-amplified tumors to 5% from the prior 10%.