Prelude Therapeutics drops on pricing $100 mln equity offering

Prelude Therapeutics Incorporated

18/05/2023 13:20

** Prelude Therapeutics Inc's  PRLD.O  shares down 4.6% at
$6.01 premarket after overnight follow-on prices
    ** Clinical-stage oncology co announces ~17.4 mln shares,
including ~12.9 mln pre-funded warrants, for ~$100 mln raise
    ** Offering price of $5.75 represents 8.7% discount to
stock's last sale on Weds
    ** Morgan Stanley is sole bookrunner
    ** Co plans to use net offering proceeds to advance clinical
pipeline. It has 4 drugs undergoing Phase 1 trials, per the SEC
filing
    ** With ~47.9 mln shares outstanding, Prelude has about $300
mln market cap
    ** Through Weds close, shares have gained ~4% YTD including
10.5% advance QTD
    ** Prelude went public in Sept 2020 IPO priced at $19 and
saw its shares hit record high of $95.38 five months later

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))