Prime Medicine's (PRME) "Outperform" Rating Reaffirmed at Wedbush

Prime Medicine (NYSE:PRME - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities researchers at Wedbush in a report issued on Tuesday, Benzinga reports. They currently have a $12.00 target price on the stock. Wedbush's target price would indicate a potential upside of 150.00% from the company's previous close.

PRME has been the subject of several other reports. Chardan Capital initiated coverage on shares of Prime Medicine in a research note on Monday. They issued a "buy" rating and a $17.00 price target for the company. Stifel Nicolaus lowered shares of Prime Medicine from a "buy" rating to a "hold" rating and reduced their price objective for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. TD Cowen initiated coverage on shares of Prime Medicine in a research note on Monday, April 8th. They set a "buy" rating for the company. Finally, Guggenheim reduced their price objective on shares of 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 analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $16.89.

Prime Medicine Stock Up 0.4 %

Shares of Prime Medicine stock traded up $0.02 on Tuesday, hitting $4.80. The stock had a trading volume of 850,784 shares, compared to its average volume of 684,546. The stock's 50-day simple moving average is $7.10 and its two-hundred day simple moving average is $7.40. The stock has a market cap of $575.71 million, a price-to-earnings ratio of -2.29 and a beta of 1.81. Prime Medicine has a one year low of $4.34 and a one year high of $17.20.

Prime Medicine (NYSE:PRME - Get Free Report) last issued its quarterly earnings results on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, equities analysts predict that Prime Medicine will post -1.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Prime Medicine news, Director Robert Nelsen acquired 3,200,000 shares of the company's stock in a transaction that occurred on 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 acquisition, the director now owns 3,200,000 shares in the company, valued at approximately $20,000,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 24.29% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in PRME. Vanguard Group Inc. lifted its holdings in Prime Medicine by 18.5% during 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. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Prime Medicine by 18.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company's stock valued at $34,676,000 after purchasing an additional 571,097 shares in the last quarter. ARK Investment Management LLC lifted its holdings in Prime Medicine by 19.7% during 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. Bollard Group LLC purchased a new position in Prime Medicine during the fourth quarter valued at approximately $3,200,000. Finally, Greenwich Wealth Management LLC lifted its holdings 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 purchasing an additional 231,021 shares in the last quarter. 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.