Prime Medicine (NYSE:PRME) Rating Reiterated by Wedbush

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $12.00 price objective on the stock. Wedbush’s price objective would suggest a potential upside of 155.32% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Chardan Capital started coverage on shares of Prime Medicine in a research report on Monday. They set a “buy” rating and a $17.00 price target on the stock. Stifel Nicolaus lowered shares of Prime Medicine from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. TD Cowen started coverage on shares of Prime Medicine in a research note on Monday, April 8th. They set a “buy” rating on the stock. Finally, Guggenheim dropped their price objective on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th. One 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.89.

Prime Medicine Price Performance

Shares of NYSE PRME opened at $4.70 on Tuesday. Prime Medicine has a 1 year low of $4.34 and a 1 year high of $17.20. The company’s 50-day moving average is $7.02 and its 200 day moving average is $7.35. The stock has a market capitalization of $564.09 million, a P/E ratio of -2.17 and a beta of 1.80.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results 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). Research analysts anticipate that Prime Medicine will post -1.8 earnings per share for the current year.

Insider Transactions at Prime Medicine

In other news, Director Robert Nelsen bought 3,200,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were purchased 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 owns 3,200,000 shares in the company, valued at approximately $20,000,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PRME. Barclays PLC raised its holdings in shares of Prime Medicine by 47.7% during the second quarter. Barclays PLC now owns 7,879 shares of the company’s stock valued at $116,000 after purchasing an additional 2,543 shares during the last quarter. ARK Investment Management LLC raised its holdings in shares of Prime Medicine by 7.1% during the third quarter. ARK Investment Management LLC now owns 2,622,429 shares of the company’s stock valued at $25,018,000 after purchasing an additional 173,230 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Prime Medicine by 11.8% during the third quarter. Bank of New York Mellon Corp now owns 115,389 shares of the company’s stock valued at $1,101,000 after purchasing an additional 12,176 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Prime Medicine by 22.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,016 shares of the company’s stock valued at $220,000 after purchasing an additional 4,145 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in shares of Prime Medicine by 55.9% during the third quarter. TD Asset Management Inc now owns 104,542 shares of the company’s stock valued at $997,000 after purchasing an additional 37,471 shares during the last quarter. 70.37% of the stock is 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.