Prime Medicine (NYSE:PRME) Shares Gap Up to $4.51

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $4.51, but opened at $4.69. Prime Medicine shares last traded at $4.40, with a volume of 169,373 shares.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PRME. Stifel Nicolaus lowered Prime Medicine from a "buy" rating to a "hold" rating and cut their price target for the stock from $18.00 to $9.00 in a report on Tuesday, January 16th. Wedbush started coverage on Prime Medicine in a research note on Tuesday, April 2nd. They issued an "outperform" rating and a $12.00 price objective for the company. Guggenheim lowered their price objective 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. TD Cowen started coverage on Prime Medicine in a research note on Monday, April 8th. They issued a "buy" rating for the company. Finally, Chardan Capital started coverage on Prime Medicine in a research note on Monday. They issued a "buy" rating and a $17.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Prime Medicine presently has an average rating of "Moderate Buy" and a consensus price target of $16.89.

Prime Medicine Stock Up 6.0 %

The company has a market capitalization of $573.31 million, a PE ratio of -2.20 and a beta of 1.81. The stock has a 50-day moving average of $7.10 and a 200 day moving average of $7.40.

Prime Medicine (NYSE:PRME - Get Free Report) last issued its quarterly 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). Equities analysts forecast that Prime Medicine, Inc. will post -1.8 EPS for the current fiscal year.

Insider Activity at Prime Medicine

In other news, Director Robert Nelsen bought 3,200,000 shares of the firm's stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost 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 of the company's stock, valued at approximately $20,000,000. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 24.29% of the stock is currently owned by company insiders.

Institutional Trading of Prime Medicine

A number of large investors have recently bought and sold shares of PRME. Vanguard Group Inc. boosted its holdings in shares of Prime Medicine by 18.5% in the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company's stock worth $37,700,000 after acquiring an additional 617,310 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Prime Medicine by 18.6% in the third 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 holdings in shares of Prime Medicine by 19.7% in the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company's stock worth $27,805,000 after acquiring an additional 515,841 shares during the period. Bollard Group LLC bought a new position in shares of Prime Medicine in the fourth quarter worth $3,200,000. Finally, Greenwich Wealth Management LLC boosted its stake in Prime Medicine by 111.1% during the third quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company's stock valued at $4,188,000 after buying an additional 231,021 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.