Prime Medicine (NYSE:PRME) Shares Gap Up to $4.51

Prime Medicine, Inc. (NYSE:PRME)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $4.51, but opened at $4.69. Prime Medicine shares last traded at $4.40, with a volume of 169,373 shares trading hands.

Analyst Ratings Changes

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

Prime Medicine Trading Up 0.4 %

The company has a fifty day moving average price of $7.06 and a 200-day moving average price of $7.37.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, equities research analysts predict that Prime Medicine, Inc. will post -1.8 earnings per share for the current fiscal year.

Insider Transactions at Prime Medicine

In other news, Director Robert Nelsen acquired 3,200,000 shares of the firm’s stock in a transaction dated 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 acquisition, the director now directly owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 24.29% of the company’s stock.

Institutional Trading of Prime Medicine

Institutional investors have recently bought and sold shares of the stock. Chelsea Counsel Co. lifted its position in Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares during the last quarter. SG Americas Securities LLC bought a new stake in Prime Medicine in the fourth quarter worth $90,000. China Universal Asset Management Co. Ltd. bought a new stake in Prime Medicine in the fourth quarter worth $100,000. Barclays PLC lifted its position in Prime Medicine by 47.7% in the second quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after buying an additional 2,543 shares during the last quarter. Finally, Strs Ohio bought a new stake in Prime Medicine in the fourth quarter worth $151,000. 70.37% of the stock is currently owned by 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.