PRLD - Prelude Therapeutics slips as top institutional investor cuts stake

Despite a ~7.5% gain yesterday, Prelude Therapeutics ([[PRLD]] -2.1%) has resumed its recent losing streak today.Earlier this week, it was reported that its largest institutional investor Orbimed Advisors has cut its ownership stake at the company to ~21.6% with the sale of 5.5M of common stock.The change in ownership by ~35% makes the transaction the largest sale by the New York-based hedge fund as per its latest 13-F filing.Now Prelude Therapeutics forms only ~9.8% of its portfolio compared to ~4.1% previously, according to Whalewisdom.A clinical-stage biotech company focused on precision oncology, Prelude Therapeutics has more than doubled in value since its IPO in September.In April, H.C. Wainwright initiated the coverage on Prelude Therapeutics with a buy recommendation noting among other things the prior experience of the company’s management team.

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Prelude Therapeutics slips as top institutional investor cuts stake