TD Cowen began coverage on shares of Prime Medicine (NYSE:PRME - Get Free Report) in a research note issued on Monday, MarketBeat Ratings reports. The brokerage set a "buy" rating on the stock.
A number of other brokerages also recently commented on PRME. Stifel Nicolaus downgraded shares of Prime Medicine from a "buy" rating to a "hold" rating and lowered their price objective for the company from $18.00 to $9.00 in a research report on Tuesday, January 16th. Wedbush assumed coverage on shares of Prime Medicine in a research report on Tuesday, April 2nd. They set an "outperform" rating and a $12.00 price objective on the stock. Finally, Guggenheim decreased their target price 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 analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $16.88.
Read Our Latest Analysis on Prime Medicine
Prime Medicine Price Performance
PRME traded up $0.35 on Monday, reaching $6.10. 676,883 shares of the company traded hands, compared to its average volume of 678,589. The stock's 50 day moving average price is $7.40 and its 200-day moving average price is $7.74. Prime Medicine has a 52-week low of $5.47 and a 52-week high of $17.20. The company has a market cap of $731.63 million, a price-to-earnings ratio of -2.84 and a beta of 1.81.
Prime Medicine (NYSE:PRME - Get Free Report) last announced 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). As a group, equities research analysts forecast that Prime Medicine will post -1.82 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, Director Robert Nelsen acquired 3,200,000 shares of the firm's stock in a transaction that occurred 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 acquisition, the director now owns 3,200,000 shares in the company, valued at $20,000,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 24.29% of the stock is owned by insiders.
Hedge Funds Weigh In On Prime Medicine
Large investors have recently bought and sold shares of the stock. ARK Investment Management LLC raised its stake in 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 purchasing an additional 515,841 shares during the last quarter. Greenwich Wealth Management LLC raised its stake in 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 purchasing an additional 231,021 shares during the last quarter. Barclays PLC raised its stake in Prime Medicine by 726.8% during the 3rd quarter. Barclays PLC now owns 65,140 shares of the company's stock valued at $621,000 after purchasing an additional 57,261 shares during the last quarter. Citigroup Inc. raised its stake in Prime Medicine by 296.8% during the 3rd quarter. Citigroup Inc. now owns 56,193 shares of the company's stock valued at $536,000 after purchasing an additional 42,032 shares during the last quarter. Finally, Rafferty Asset Management LLC acquired a new position in shares of Prime Medicine in the 3rd quarter valued at $1,229,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.
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.
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