Wedbush Initiates Coverage on Prime Medicine (NYSE:PRME)

Analysts at Wedbush began coverage on shares of Prime Medicine (NYSE:PRMEGet Free Report) in a research report issued on Tuesday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $12.00 price target on the stock. Wedbush’s price target points to a potential upside of 106.90% from the stock’s previous close.

A number of other brokerages have also weighed in on PRME. Citigroup assumed coverage on shares of Prime Medicine in a report on Friday, December 8th. They set a “neutral” rating and a $10.00 price objective for the company. Stifel Nicolaus lowered shares of Prime Medicine from a “buy” rating to a “hold” rating and reduced their price target for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Finally, Guggenheim reduced their price target on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.88.

Get Our Latest Research Report on PRME

Prime Medicine Trading Down 8.2 %

PRME opened at $5.80 on Tuesday. Prime Medicine has a 1-year low of $5.54 and a 1-year high of $17.20. The company has a market capitalization of $695.65 million, a PE ratio of -2.67 and a beta of 1.80. The firm’s 50 day simple moving average is $7.44 and its two-hundred day simple moving average is $7.85.

Prime Medicine (NYSE:PRMEGet Free Report) last issued its quarterly earnings data on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Equities analysts forecast that Prime Medicine will post -1.83 earnings per share for the current fiscal year.

Insider Activity at Prime Medicine

In related news, Director Robert Nelsen acquired 3,200,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the completion of the acquisition, 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 corporate insiders.

Hedge Funds Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in Prime Medicine by 243.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 103,213 shares of the company’s stock valued at $1,512,000 after acquiring an additional 73,145 shares during the last quarter. Barclays PLC grew its stake in Prime Medicine by 47.7% in the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock valued at $116,000 after acquiring an additional 2,543 shares during the last quarter. Rhumbline Advisers acquired a new stake in Prime Medicine in the 2nd quarter valued at about $689,000. Citigroup Inc. grew its stake in Prime Medicine by 59.8% in the 2nd quarter. Citigroup Inc. now owns 14,161 shares of the company’s stock valued at $207,000 after acquiring an additional 5,302 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Prime Medicine by 92.2% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 141,144 shares of the company’s stock valued at $2,068,000 after purchasing an additional 67,717 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About Prime Medicine

(Get Free Report)

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.

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Analyst Recommendations for Prime Medicine (NYSE:PRME)

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