Prime Medicine (NYSE:PRME) Now Covered by TD Cowen

Analysts at TD Cowen assumed coverage on shares of Prime Medicine (NYSE:PRME) in a report released on Monday, Marketbeat.com reports. The firm set a “buy” rating on the stock.

PRME has been the topic of several other reports. Wedbush began coverage on shares of Prime Medicine in a report on Tuesday, April 2nd. They set an “outperform” rating and a $12.00 price objective on the stock. Guggenheim decreased their price objective on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Finally, Stifel Nicolaus downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and decreased their price target for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.88.

Prime Medicine Price Performance

NYSE:PRME opened at $6.18 on Monday. The firm has a market capitalization of $741.22 million, a P/E ratio of -2.85 and a beta of 1.81. Prime Medicine has a 1-year low of $5.47 and a 1-year high of $17.20. The company’s fifty day moving average price is $7.38 and its 200-day moving average price is $7.70.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Equities analysts anticipate that Prime Medicine will post -1.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Nelsen purchased 3,200,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the transaction, the director now directly owns 3,200,000 shares in the company, valued at $20,000,000. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 24.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Prime Medicine

Institutional investors have recently made changes to their positions in the stock. Chelsea Counsel Co. grew its holdings in shares of Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after purchasing an additional 4,400 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in Prime Medicine by 293.1% in the second quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company’s stock worth $48,000 after acquiring an additional 2,436 shares during the last quarter. Royal Bank of Canada lifted its stake in Prime Medicine by 506.6% in the second quarter. Royal Bank of Canada now owns 3,579 shares of the company’s stock worth $53,000 after acquiring an additional 2,989 shares during the last quarter. SG Americas Securities LLC purchased a new position in Prime Medicine in the fourth quarter worth approximately $90,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in Prime Medicine in the fourth quarter worth approximately $100,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.