Prime Medicine’s (PRME) Buy Rating Reaffirmed at Jefferies Financial Group

Jefferies Financial Group reaffirmed their buy rating on shares of Prime Medicine (NYSE:PRME) in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a $15.00 target price on the stock, down from their previous target price of $23.00.

Several other research analysts also recently commented on PRME. Wedbush restated an outperform rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Tuesday, April 23rd. Guggenheim decreased their price objective on Prime Medicine from $24.00 to $20.00 and set a buy rating on the stock in a report on Tuesday, March 5th. Stifel Nicolaus lowered shares of Prime Medicine from a buy rating to a hold rating and cut their target price for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Chardan Capital assumed coverage on shares of Prime Medicine in a research report on Monday, April 22nd. They issued a buy rating and a $17.00 price target on the stock. Finally, 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Prime Medicine currently has an average rating of Moderate Buy and a consensus target price of $16.70.

Prime Medicine Trading Up 3.1 %

NYSE PRME opened at $5.57 on Tuesday. Prime Medicine has a 12 month low of $4.11 and a 12 month high of $17.20. The stock has a market cap of $668.57 million, a PE ratio of -2.57 and a beta of 2.07. The stock’s 50 day moving average is $6.42 and its 200 day moving average is $7.20.

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

Insider Buying and Selling

In other Prime Medicine news, Director Robert Nelsen bought 3,200,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the transaction, 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 can be accessed through this link. 24.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Prime Medicine

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Prime Medicine by 18.5% in 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 during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Prime Medicine by 18.6% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock worth $34,676,000 after purchasing an additional 571,097 shares in the last quarter. 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 purchasing an additional 515,841 shares during the period. Greenwich Wealth Management LLC raised 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 valued at $4,545,000 after purchasing an additional 73,980 shares in the last quarter. Finally, Bollard Group LLC purchased a new stake in shares of Prime Medicine in the 4th quarter worth $3,200,000. 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.