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

Prime Medicine, Inc. (NYSE:PRME)’s stock price gapped up prior to trading 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 the stock. Wedbush reiterated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research report on Tuesday. Guggenheim lowered their price objective on shares of 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 downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and lowered their target price for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Chardan Capital began coverage on shares of Prime Medicine in a report on Monday. They issued a “buy” rating and a $17.00 target price for the company. Finally, TD Cowen began coverage on shares of Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating for the company. One equities research 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’s stock. Based on data from MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Prime Medicine Trading Up 0.4 %

The company’s 50-day moving average is $7.06 and its two-hundred day moving average is $7.37.

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

Insider Activity

In other news, Director Robert Nelsen acquired 3,200,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the transaction, the director now owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 24.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of PRME. Vanguard Group Inc. boosted its position in shares of Prime Medicine by 18.5% in the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after acquiring an additional 617,310 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised 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 valued at $34,676,000 after purchasing an additional 571,097 shares in the last quarter. ARK Investment Management LLC raised its stake in Prime Medicine by 19.7% in the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after purchasing an additional 515,841 shares in the last quarter. Bollard Group LLC purchased a new stake in Prime Medicine in the fourth quarter valued at approximately $3,200,000. Finally, Greenwich Wealth Management LLC raised its stake in Prime Medicine by 111.1% in the third quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after purchasing an additional 231,021 shares in the last quarter. 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.