Prime Medicine (NYSE:PRME) Shares Gap Up to $4.43

Prime Medicine, Inc. (NYSE:PRME)’s share price gapped up before the market opened on Monday . The stock had previously closed at $4.43, but opened at $4.90. Prime Medicine shares last traded at $4.69, with a volume of 104,131 shares.

Analyst Ratings Changes

Several research analysts have recently issued reports on PRME shares. Wedbush restated an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a research report on Tuesday, April 23rd. Stifel Nicolaus downgraded Prime Medicine from a “buy” rating to a “hold” rating and lowered their price target for the stock from $18.00 to $9.00 in a research report on Tuesday, January 16th. Chardan Capital assumed coverage on Prime Medicine in a research report on Monday, April 22nd. They set a “buy” rating and a $17.00 price target on the stock. TD Cowen initiated coverage on Prime Medicine in a report on Monday, April 8th. They set a “buy” rating for the company. Finally, Guggenheim cut their price target on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Prime Medicine Stock Performance

The company’s fifty day moving average price is $6.87 and its 200-day moving average price is $7.29. The stock has a market cap of $585.70 million, a P/E ratio of -2.20 and a beta of 1.81.

Prime Medicine (NYSE:PRME) last posted 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). Analysts anticipate that Prime Medicine, Inc. will post -1.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert Nelsen acquired 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, with a total value of $20,000,000.00. Following the completion of the acquisition, the director now owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.29% of the stock is currently owned by company insiders.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Prime Medicine by 18.5% in the 3rd quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after purchasing an additional 617,310 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Prime Medicine by 18.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock worth $34,676,000 after acquiring an additional 571,097 shares during the period. ARK Investment Management LLC boosted its stake in shares of Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after buying an additional 515,841 shares during the last quarter. Bollard Group LLC purchased a new position in shares of Prime Medicine during the 4th quarter valued at approximately $3,200,000. Finally, Greenwich Wealth Management LLC raised its position in shares of Prime Medicine by 111.1% during the 3rd quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after acquiring an additional 231,021 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

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.