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

Prime Medicine (NYSE:PRME - Get Free Report)'s stock had its "outperform" rating reissued by equities researchers at Wedbush in a research report issued on Wednesday,RTT News reports. They currently have a $8.00 target price on the stock. Wedbush's price target points to a potential upside of 98.02% from the stock's previous close.

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

Prime Medicine Stock Performance

Shares of PRME stock traded down $0.25 during mid-day trading on Wednesday, hitting $4.04. 7,379,427 shares of the stock traded hands, compared to its average volume of 1,753,525. The firm has a market cap of $543.36 million, a price-to-earnings ratio of -1.97 and a beta of 2.33. The company's 50-day simple moving average is $2.13 and its 200-day simple moving average is $2.20. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $6.62.

Insider Buying and Selling at Prime Medicine

In other news, major shareholder David R. Liu acquired 21,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was purchased at an average cost of $2.16 per share, with a total value of $45,360.00. Following the acquisition, the insider owned 20,219,945 shares of the company's stock, valued at $43,675,081.20. This trade represents a 0.10% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have bought 63,000 shares of company stock valued at $110,250 over the last ninety days. Insiders own 22.93% of the company's stock.

Institutional Trading of Prime Medicine

A number of hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets bought a new stake in shares of Prime Medicine during the fourth quarter worth $59,000. Rhumbline Advisers increased its holdings in Prime Medicine by 13.8% during the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after purchasing an additional 9,944 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Prime Medicine in the 4th quarter valued at about $33,000. Jane Street Group LLC raised its stake in shares of Prime Medicine by 76.8% in the 4th quarter. Jane Street Group LLC now owns 101,758 shares of the company's stock valued at $297,000 after purchasing an additional 44,210 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Prime Medicine by 3.9% in the fourth quarter. Northern Trust Corp now owns 544,937 shares of the company's stock valued at $1,591,000 after purchasing an additional 20,389 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.