Prime Medicine (NYSE:PRME) Earns “Outperform” Rating from Wedbush

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

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus downgraded 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 research report on Tuesday, January 16th. Guggenheim cut their target price on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Chardan Capital initiated coverage on shares of Prime Medicine in a report on Monday. 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 report on Monday, April 8th. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.89.

Prime Medicine Stock Performance

NYSE PRME opened at $4.70 on Tuesday. The company has a market capitalization of $564.09 million, a price-to-earnings ratio of -2.17 and a beta of 1.80. The company’s 50-day simple moving average is $7.02 and its two-hundred day simple moving average is $7.35. Prime Medicine has a one year low of $4.34 and a one year high of $17.20.

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

Insider Buying and Selling

In related news, Director Robert Nelsen bought 3,200,000 shares of the stock in a transaction that occurred on 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 purchase, the director now directly owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.29% of the stock is owned by company insiders.

Institutional Trading of Prime Medicine

A number of institutional investors have recently bought and sold shares of the stock. TrueMark Investments LLC boosted its stake in Prime Medicine by 13.5% in the 1st quarter. TrueMark Investments LLC now owns 85,183 shares of the company’s stock worth $596,000 after purchasing an additional 10,153 shares in the last quarter. Green Alpha Advisors LLC lifted its stake in Prime Medicine by 14.2% during the 1st quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock valued at $236,000 after acquiring an additional 4,200 shares during the period. Chelsea Counsel Co. lifted its stake in Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after acquiring an additional 4,400 shares during the period. Vestal Point Capital LP acquired a new stake in Prime Medicine during the 4th quarter valued at approximately $180,000. Finally, Bollard Group LLC acquired a new stake in Prime Medicine during the 4th quarter valued at approximately $3,200,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.