Prime Medicine’s (PRME) “Outperform” Rating Reiterated at Wedbush

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a report issued on Tuesday, Benzinga reports. They currently have a $12.00 price target on the stock. Wedbush’s price objective would indicate a potential upside of 141.45% from the stock’s current price.

Several other research analysts have also commented on PRME. TD Cowen started coverage on Prime Medicine in a research report on Monday, April 8th. They issued a “buy” rating on the stock. Guggenheim reduced their price target on Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Stifel Nicolaus downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and dropped their price target for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. Finally, Chardan Capital assumed coverage on shares of Prime Medicine in a report on Monday. They issued a “buy” rating and a $17.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.89.

Prime Medicine Stock Performance

Prime Medicine stock traded up $0.19 during trading on Tuesday, reaching $4.97. The company had a trading volume of 415,191 shares, compared to its average volume of 680,154. Prime Medicine has a 12-month low of $4.34 and a 12-month high of $17.20. The stock’s 50 day moving average price is $7.10 and its two-hundred day moving average price is $7.40. The firm has a market capitalization of $596.10 million, a price-to-earnings ratio of -2.29 and a beta of 1.81.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results 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, research analysts expect that Prime Medicine will post -1.8 earnings per share for the current year.

Insider Activity at Prime Medicine

In related news, Director Robert Nelsen acquired 3,200,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average price 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 of the company’s stock, valued at $20,000,000. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRME. Vanguard Group Inc. raised its position in Prime Medicine by 18.5% in the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock worth $37,700,000 after acquiring an additional 617,310 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of 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 during the last quarter. ARK Investment Management LLC boosted its holdings in shares of Prime Medicine by 19.7% in the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after buying an additional 515,841 shares during the period. Greenwich Wealth Management LLC grew its position in Prime Medicine by 16.9% during the 4th quarter. Greenwich Wealth Management LLC now owns 513,001 shares of the company’s stock worth $4,545,000 after purchasing an additional 73,980 shares in the last quarter. Finally, Bollard Group LLC acquired a new position in Prime Medicine during the fourth quarter valued at $3,200,000. Institutional investors own 70.37% of the company’s stock.

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.