Prime Medicine (NYSE:PRME) Given “Outperform” Rating at Wedbush

Wedbush reissued their outperform rating on shares of Prime Medicine (NYSE:PRME) in a research note published on Tuesday, Benzinga reports. They currently have a $12.00 target price on the stock.

A number of other analysts have also recently commented on the stock. TD Cowen assumed coverage on shares of Prime Medicine in a report on Monday, April 8th. They set a buy rating for the company. Chardan Capital initiated coverage on shares of Prime Medicine in a report on Monday, April 22nd. They set a buy rating and a $17.00 target price for the company. Stifel Nicolaus lowered shares of Prime Medicine from a buy rating to a hold rating and dropped their price target for the stock from $18.00 to $9.00 in a research report on Tuesday, January 16th. Finally, Guggenheim dropped their price target on shares of Prime Medicine from $24.00 to $20.00 and set a buy rating for the company in a research report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Prime Medicine presently has a consensus rating of Moderate Buy and a consensus price target of $16.89.

Prime Medicine Trading Up 2.9 %

Shares of PRME stock opened at $4.43 on Tuesday. Prime Medicine has a 12 month low of $4.11 and a 12 month high of $17.20. The stock has a market cap of $531.09 million, a P/E ratio of -2.04 and a beta of 1.80. The company has a 50 day simple moving average of $6.87 and a two-hundred day simple moving average of $7.30.

Prime Medicine (NYSE:PRME) last announced its earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). As a group, equities analysts forecast that Prime Medicine will post -1.8 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Robert Nelsen bought 3,200,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the transaction, the director now owns 3,200,000 shares in the company, valued at $20,000,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 24.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of PRME. Barclays PLC boosted its position in shares of Prime Medicine by 47.7% during the second quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after acquiring an additional 2,543 shares during the last quarter. ARK Investment Management LLC raised its stake in Prime Medicine by 7.1% during the third quarter. ARK Investment Management LLC now owns 2,622,429 shares of the company’s stock valued at $25,018,000 after purchasing an additional 173,230 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Prime Medicine by 11.8% during the third quarter. Bank of New York Mellon Corp now owns 115,389 shares of the company’s stock valued at $1,101,000 after purchasing an additional 12,176 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Prime Medicine by 22.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,016 shares of the company’s stock valued at $220,000 after purchasing an additional 4,145 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in Prime Medicine by 55.9% during the third quarter. TD Asset Management Inc now owns 104,542 shares of the company’s stock valued at $997,000 after purchasing an additional 37,471 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

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.