Prime Medicine (NYSE:PRME) Given “Outperform” Rating at Wedbush

Wedbush reissued their outperform rating on shares of Prime Medicine (NYSE:PRME) in a report published on Tuesday morning, Benzinga reports. They currently have a $12.00 target price on the stock.

Several other equities research analysts also recently commented on the stock. Stifel Nicolaus downgraded shares of Prime Medicine from a buy rating to a hold rating and decreased their target price for the stock from $18.00 to $9.00 in a research report on Tuesday, January 16th. Chardan Capital initiated coverage on shares of Prime Medicine in a research report on Monday, April 22nd. They set a buy rating and a $17.00 target price for the company. TD Cowen initiated coverage on shares of Prime Medicine in a research report on Monday, April 8th. They set a buy rating for the company. Finally, Guggenheim decreased their target price on shares of Prime Medicine from $24.00 to $20.00 and set a buy rating for the company in a research report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $16.89.

Prime Medicine Trading Up 2.9 %

PRME opened at $4.43 on Tuesday. Prime Medicine has a 1-year low of $4.11 and a 1-year high of $17.20. The company has a market cap of $531.09 million, a P/E ratio of -2.04 and a beta of 1.80. The company has a fifty day moving average price of $6.87 and a two-hundred day moving average price of $7.30.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.08). On average, research analysts forecast that Prime Medicine will post -1.8 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Nelsen bought 3,200,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the purchase, the director now directly owns 3,200,000 shares in the company, valued at $20,000,000. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 24.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Prime Medicine by 18.5% during the 3rd quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after buying an additional 617,310 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Prime Medicine by 18.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock worth $34,676,000 after acquiring an additional 571,097 shares during the period. ARK Investment Management LLC increased its holdings in Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after acquiring an additional 515,841 shares during the period. Bollard Group LLC bought a new stake in Prime Medicine during the 4th quarter worth approximately $3,200,000. Finally, Greenwich Wealth Management LLC increased its holdings in Prime Medicine by 111.1% during the 3rd quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock worth $4,188,000 after acquiring an additional 231,021 shares during the period. 70.37% of the stock is currently owned by hedge funds and other 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.