Prime Medicine (NYSE:PRME) Earns "Outperform" Rating from Wedbush

Wedbush reissued their outperform rating on shares of Prime Medicine (NYSE:PRME - Free Report) in a research note published on Wednesday,RTT News reports. Wedbush currently has a $8.00 price target on the stock. Wedbush also issued estimates for Prime Medicine's Q2 2025 earnings at ($0.40) EPS, Q3 2025 earnings at ($0.31) EPS, FY2025 earnings at ($1.39) EPS, FY2026 earnings at ($0.92) EPS, FY2027 earnings at ($0.81) EPS and FY2028 earnings at ($0.84) EPS.

PRME has been the subject of several other reports. Citigroup restated a "neutral" rating and set a $1.50 price objective (down from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. Chardan Capital lowered their target price on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, May 19th. JMP Securities decreased their price objective on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 20th. HC Wainwright cut shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Prime Medicine currently has an average rating of "Moderate Buy" and a consensus price target of $9.25.

Prime Medicine Stock Performance

NYSE:PRME traded up $0.23 during mid-day trading on Wednesday, hitting $4.13. The stock had a trading volume of 6,277,168 shares, compared to its average volume of 1,799,838. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $5.95. The stock has a market cap of $555.47 million, a price-to-earnings ratio of -2.01 and a beta of 2.33. The company's 50 day simple moving average is $2.24 and its 200 day simple moving average is $2.22.

Insider Transactions at Prime Medicine

In other news, major shareholder David R. Liu bought 21,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were acquired at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the completion of the acquisition, the insider directly owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This represents a 0.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have acquired a total of 63,000 shares of company stock valued at $110,250 in the last quarter. 22.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. bought a new stake in Prime Medicine in the 4th quarter worth about $33,000. CWM LLC grew its position in Prime Medicine by 741.5% in the 1st quarter. CWM LLC now owns 20,466 shares of the company's stock worth $41,000 after purchasing an additional 18,034 shares in the last quarter. XTX Topco Ltd bought a new stake in Prime Medicine in the 4th quarter worth about $42,000. AXQ Capital LP bought a new stake in Prime Medicine in the 4th quarter worth about $45,000. Finally, Balyasny Asset Management L.P. bought a new stake in Prime Medicine in the 4th quarter worth about $48,000. 70.37% of the stock is owned by institutional investors.

About Prime Medicine

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.