Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s share price reached a new 52-week low during trading on Monday . The company traded as low as $5.46 and last traded at $5.46, with a volume of 125217 shares. The stock had previously closed at $5.73.
Analysts Set New Price Targets
A number of equities analysts have commented on the company. Guggenheim reduced their price objective on Prime Medicine from $24.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, March 5th. Wedbush assumed coverage on Prime Medicine in a research note on Tuesday, April 2nd. They issued an "outperform" rating and a $12.00 price objective on the stock. Stifel Nicolaus lowered Prime Medicine from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. Finally, TD Cowen assumed coverage on Prime Medicine in a research note on Monday, April 8th. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $16.88.
Check Out Our Latest Analysis on PRME
Prime Medicine Price Performance
The firm has a market cap of $652.47 million, a price-to-earnings ratio of -2.51 and a beta of 1.81. The firm has a 50 day moving average price of $7.32 and a 200-day moving average price of $7.58.
Prime Medicine (NYSE:PRME - Get Free Report) last released its quarterly earnings data on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.08). On average, sell-side analysts expect that Prime Medicine, Inc. will post -1.8 EPS for the current fiscal year.
Insiders Place Their Bets
In other Prime Medicine news, Director Robert Nelsen purchased 3,200,000 shares of the company's stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $6.25 per share, with a total value 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 approximately $20,000,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 24.29% of the company's stock.
Institutional Investors Weigh In On Prime Medicine
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. ARK Investment Management LLC grew its stake in Prime Medicine by 19.7% in the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company's stock valued at $27,805,000 after purchasing an additional 515,841 shares in the last quarter. Greenwich Wealth Management LLC grew its stake in Prime Medicine by 111.1% in the third quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company's stock valued at $4,188,000 after purchasing an additional 231,021 shares in the last quarter. Barclays PLC grew its stake in Prime Medicine by 726.8% in the third quarter. Barclays PLC now owns 65,140 shares of the company's stock valued at $621,000 after purchasing an additional 57,261 shares in the last quarter. Citigroup Inc. grew its stake in Prime Medicine by 296.8% in the third quarter. Citigroup Inc. now owns 56,193 shares of the company's stock valued at $536,000 after purchasing an additional 42,032 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Prime Medicine by 18.5% in the third 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 in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.
Prime Medicine Company Profile
(
Get Free Report)
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.
See Also
Before you consider Prime Medicine, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Prime Medicine wasn't on the list.
While Prime Medicine currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
