Prime Medicine (NYSE:PRME) Shares Gap Up to $6.87

Prime Medicine, Inc. (NYSE:PRME) gapped up prior to trading on Tuesday . The stock had previously closed at $6.87, but opened at $7.10. Prime Medicine shares last traded at $6.70, with a volume of 113,845 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Stifel Nicolaus cut Prime Medicine from a “buy” rating to a “hold” rating and decreased their price objective for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Citigroup started coverage on Prime Medicine in a report on Friday, December 8th. They issued a “neutral” rating and a $10.00 price objective for the company. Finally, Guggenheim lowered their price target on Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Prime Medicine currently has a consensus rating of “Hold” and a consensus price target of $17.57.

Prime Medicine Stock Up 1.5 %

The company has a market cap of $810.79 million, a P/E ratio of -3.12 and a beta of 1.88. The business has a fifty day moving average price of $7.43 and a 200-day moving average price of $8.06.

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 analysts’ consensus estimates of ($0.48) by ($0.08). As a group, research analysts expect that Prime Medicine, Inc. will post -1.83 earnings per share for the current year.

Insider Transactions at Prime Medicine

In related news, Director Robert Nelsen purchased 3,200,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 24.29% of the company’s stock.

Institutional Investors Weigh In On Prime Medicine

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Prime Medicine by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 4,054,911 shares of the company’s stock worth $35,927,000 after buying an additional 103,118 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings 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 during the period. ARK Investment Management LLC boosted its position in shares of 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 in the last quarter. BlackRock Inc. lifted its position in shares of Prime Medicine by 90.8% during the 2nd quarter. BlackRock Inc. now owns 2,889,216 shares of the company’s stock worth $42,327,000 after buying an additional 1,375,093 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Prime Medicine by 2.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,221,159 shares of the company’s stock worth $19,681,000 after purchasing an additional 47,788 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Company Profile

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.