diff --git a/index.js b/index.js
index 6341ba3..5a546da 100644
--- a/index.js
+++ b/index.js
@@ -50,6 +50,7 @@ module.exports = async (argv) => {
       "update-default-branch",
       "github-pages",
       "retarget-pull-requests",
+      "retarget-draft-releases",
       "branch-protection",
       "delete-old-branch",
     ];
diff --git a/transforms/retarget-draft-releases.js b/transforms/retarget-draft-releases.js
new file mode 100644
index 0000000..6fb584e
--- /dev/null
+++ b/transforms/retarget-draft-releases.js
@@ -0,0 +1,58 @@
+module.exports = async function ({
+  owner,
+  repo,
+  old,
+  target,
+  dryRun,
+  log,
+  octokit,
+}) {
+  log = log.extend("transforms:retarget-draft-releases");
+
+  log("Fetching all draft releases");
+  // List all PRs
+  let releases = await octokit.paginate(
+    "GET /repos/:owner/:repo/releases",
+    {
+      owner,
+      repo,
+      per_page: 100,
+    },
+    (response) => response.data
+  );
+  log(`Found [${releases.length}] releases`);
+
+  if (releases.length == 0) {
+    log(`No releases found. Exiting`);
+    return;
+  }
+
+  // Filter down to draft releases
+  releases = releases.filter((r) => r.draft);
+  if (releases.length === 0) {
+    log(`No draft releases found. Exiting`);
+    return;
+  }
+
+  // Update the target branch for all open PRs
+  for (let release of releases) {
+    if (release.target_commitish != old) {
+      log(`Skipping [${release.name}] as it didn't target [${old}]`);
+      continue;
+    }
+
+    log(
+      `Updating release [${release.name}] in [${repo}] from [${release.target_commitish}] to [${target}]`
+    );
+
+    if (!dryRun) {
+      await octokit.repos.updateRelease({
+        owner,
+        repo,
+        release_id: release.id,
+        target_commitish: target,
+        tag_name: release.tag_name,
+      });
+    }
+  }
+};
diff --git a/transforms/retarget-draft-releases.test.js b/transforms/retarget-draft-releases.test.js
new file mode 100644
index 0000000..725926a
--- /dev/null
+++ b/transforms/retarget-draft-releases.test.js
@@ -0,0 +1,142 @@
+const nock = require("nock");
+nock.disableNetConnect();
+
+const log = require("../src/mock-debug");
+
+const retarget = require("./retarget-draft-releases");
+const octokit = require("../src/octokit")();
+
+afterEach(() => {
+  if (!nock.isDone()) {
+    throw new Error("Not all nock interceptors were used");
+  }
+  log.cleanAll();
+  nock.cleanAll();
+});
+
+describe("#retarget-pull-requests", () => {
+  it("exits if there are no draft releases", async () => {
+    nock("https://api.github.com/")
+      .get("/repos/demo/repo/releases?per_page=100")
+      .reply(200, []);
+
+    await retarget({
+      owner: "demo",
+      repo: "repo",
+      target: "main",
+      old: "master",
+      octokit,
+      log,
+    });
+
+    expect(log.logger).toBeCalledWith("Found [0] releases");
+    expect(log.logger).toBeCalledWith("No releases found. Exiting");
+  });
+
+  it("exits if there are no draft releases", async () => {
+    nock("https://api.github.com/")
+      .get("/repos/demo/repo/releases?per_page=100")
+      .reply(200, [{ draft: false }]);
+
+    await retarget({
+      owner: "demo",
+      repo: "repo",
+      target: "main",
+      old: "master",
+      octokit,
+      log,
+    });
+
+    expect(log.logger).toBeCalledWith("No draft releases found. Exiting");
+  });
+
+  it("skips releases with a different target", async () => {
+    nock("https://api.github.com/")
+      .get("/repos/demo/repo/releases?per_page=100")
+      .reply(200, [
+        {
+          name: "OtherTag",
+          target_commitish: "other-branch",
+          draft: true,
+        },
+      ]);
+
+    await retarget({
+      owner: "demo",
+      repo: "repo",
+      target: "main",
+      old: "master",
+      octokit,
+      log,
+    });
+
+    expect(log.logger).toBeCalledWith("Found [1] releases");
+    expect(log.logger).toBeCalledWith(
+      "Skipping [OtherTag] as it didn't target [master]"
+    );
+  });
+
+  it("retargets valid pull requests", async () => {
+    nock("https://api.github.com/")
+      .get("/repos/demo/repo/releases?per_page=100")
+      .reply(200, [
+        {
+          id: 1234,
+          name: "OtherTag",
+          target_commitish: "master",
+          tag_name: "v1",
+          draft: true,
+        },
+      ]);
+
+    nock("https://api.github.com/")
+      .patch("/repos/demo/repo/releases/1234", {
+        target_commitish: "main",
+        tag_name: "v1",
+      })
+      .reply(200);
+
+    await retarget({
+      owner: "demo",
+      repo: "repo",
+      target: "main",
+      old: "master",
+      octokit,
+      log,
+    });
+
+    expect(log.logger).toBeCalledWith("Found [1] releases");
+    expect(log.logger).toBeCalledWith(
+      "Updating release [OtherTag] in [repo] from [master] to [main]"
+    );
+  });
+
+  it("respects dryRun mode", async () => {
+    nock("https://api.github.com/")
+      .get("/repos/demo/repo/releases?per_page=100")
+      .reply(200, [
+        {
+          id: 1234,
+          name: "OtherTag",
+          target_commitish: "master",
+          tag_name: "v1",
+          draft: true,
+        },
+      ]);
+
+    await retarget({
+      owner: "demo",
+      repo: "repo",
+      target: "main",
+      old: "master",
+      octokit,
+      log,
+      dryRun: true,
+    });
+
+    expect(log.logger).toBeCalledWith("Found [1] releases");
+    expect(log.logger).toBeCalledWith(
+      "Updating release [OtherTag] in [repo] from [master] to [main]"
+    );
+  });
+});