Prime Medicine (NYSE:PRME) Shares Up 5.4%

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) rose 5.4% on Monday . The company traded as high as $6.13 and last traded at $6.06. Approximately 293,448 shares were traded during trading, a decline of 56% from the average daily volume of 671,734 shares. The stock had previously closed at $5.75.

Analyst Upgrades and Downgrades

PRME has been the subject of several analyst reports. Wedbush initiated coverage on shares of Prime Medicine in a research report on Tuesday, April 2nd. They set an "outperform" rating and a $12.00 price target for the company. Stifel Nicolaus cut shares of Prime Medicine from a "buy" rating to a "hold" rating and dropped their target price for the stock from $18.00 to $9.00 in a report on Tuesday, January 16th. Guggenheim dropped their target price on shares of Prime Medicine from $24.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, March 5th. Finally, TD Cowen began coverage on shares of Prime Medicine in a report on Monday. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Prime Medicine currently has a consensus rating of "Moderate Buy" and an average target price of $16.88.

Prime Medicine Stock Performance

The firm has a market capitalization of $731.63 million, a P/E ratio of -2.81 and a beta of 1.81. The stock's 50 day simple moving average is $7.40 and its 200 day simple moving average is $7.74.

Prime Medicine (NYSE:PRME - Get Free Report) last released its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.08). On average, analysts anticipate that Prime Medicine, Inc. will post -1.82 earnings per share for the current year.

Insider Activity

In other news, Director Robert Nelsen bought 3,200,000 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The stock was 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 of the company's stock, valued at approximately $20,000,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 24.29% of the company's stock.

Institutional Investors Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the company. Chelsea Counsel Co. raised its holdings in shares of Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company's stock worth $44,000 after buying an additional 4,400 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Prime Medicine by 293.1% in the second quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company's stock worth $48,000 after buying an additional 2,436 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Prime Medicine by 506.6% in the second quarter. Royal Bank of Canada now owns 3,579 shares of the company's stock worth $53,000 after buying an additional 2,989 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Prime Medicine in the fourth quarter worth $90,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in shares of Prime Medicine in the fourth quarter worth $100,000. Hedge funds and other institutional investors 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.