Prime Medicine (NYSE:PRME) Shares Up 8.8%

Shares of Prime Medicine, Inc. (NYSE:PRME) shot up 8.8% on Tuesday . The company traded as high as $5.21 and last traded at $5.20. 113,714 shares changed hands during trading, a decline of 83% from the average session volume of 675,428 shares. The stock had previously closed at $4.78.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRME. TD Cowen began coverage on Prime Medicine in a research report on Monday, April 8th. They set a “buy” rating on the stock. Guggenheim cut their target price on Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 5th. Stifel Nicolaus downgraded Prime Medicine from a “buy” rating to a “hold” rating and cut their target price for the stock from $18.00 to $9.00 in a report on Tuesday, January 16th. Wedbush started coverage on Prime Medicine in a report on Tuesday, April 2nd. They set an “outperform” rating and a $12.00 target price on the stock. Finally, Chardan Capital started coverage on Prime Medicine in a report on Monday. They set a “buy” rating and a $17.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and a consensus target price of $16.89.

Prime Medicine Stock Performance

The company has a market capitalization of $600.90 million, a price-to-earnings ratio of -2.40 and a beta of 1.81. The business has a 50 day moving average price of $7.10 and a 200-day moving average price of $7.40.

Prime Medicine (NYSE:PRME) last announced 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). As a group, equities analysts predict that Prime Medicine, Inc. will post -1.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Robert Nelsen purchased 3,200,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $6.25 per share, with a total value of $20,000,000.00. Following the purchase, the director now owns 3,200,000 shares in the company, valued at $20,000,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 24.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PRME. Chelsea Counsel Co. increased its holdings in Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares in the last quarter. SG Americas Securities LLC bought a new stake in Prime Medicine during the 4th quarter worth approximately $90,000. China Universal Asset Management Co. Ltd. bought a new stake in Prime Medicine during the 4th quarter worth approximately $100,000. Barclays PLC increased its holdings in Prime Medicine by 47.7% during the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after purchasing an additional 2,543 shares in the last quarter. Finally, Strs Ohio bought a new stake in Prime Medicine during the 4th quarter worth approximately $151,000. 70.37% of the stock is 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.