Prime Medicine’s (PRME) “Outperform” Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of Prime Medicine (NYSE:PRME) in a research note published on Tuesday, Benzinga reports. They currently have a $12.00 price target on the stock.

A number of other analysts have also issued reports on PRME. Stifel Nicolaus lowered Prime Medicine from a buy rating to a hold rating and lowered their price target for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. TD Cowen initiated coverage on Prime Medicine in a report on Monday, April 8th. They issued a buy rating for the company. Chardan Capital started coverage on shares of Prime Medicine in a report on Monday. They set a buy rating and a $17.00 target price on the stock. 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 investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Prime Medicine has an average rating of Moderate Buy and an average price target of $16.89.

Prime Medicine Trading Down 8.5 %

PRME stock opened at $4.30 on Tuesday. Prime Medicine has a twelve month low of $4.11 and a twelve month high of $17.20. The business’s fifty day simple moving average is $6.95 and its two-hundred day simple moving average is $7.33.

Prime Medicine (NYSE:PRME) last posted its quarterly 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). Analysts forecast that Prime Medicine will post -1.8 EPS for the current year.

Insider Activity

In other Prime Medicine news, Director Robert Nelsen bought 3,200,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the purchase, the director now directly 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. Company insiders own 24.29% of the company’s stock.

Institutional Trading of Prime Medicine

A number of institutional investors have recently bought and sold shares of the stock. ARK Investment Management LLC raised its holdings in shares of Prime Medicine by 19.7% in the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after buying an additional 515,841 shares during the last quarter. Greenwich Wealth Management LLC raised its stake in Prime Medicine by 111.1% in the 3rd quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock worth $4,188,000 after acquiring an additional 231,021 shares during the last quarter. Barclays PLC lifted its position in Prime Medicine by 726.8% during the 3rd quarter. Barclays PLC now owns 65,140 shares of the company’s stock worth $621,000 after acquiring an additional 57,261 shares during the period. Vanguard Group Inc. grew its stake in Prime Medicine by 18.5% during the 3rd quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after purchasing an additional 617,310 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in shares of Prime Medicine by 296.8% in the third quarter. Citigroup Inc. now owns 56,193 shares of the company’s stock valued at $536,000 after purchasing an additional 42,032 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.