Wedbush Reiterates Outperform Rating for Prime Medicine (NYSE:PRME)

Wedbush reiterated their outperform rating on shares of Prime Medicine (NYSE:PRME) in a research note published on Thursday, RTT News reports. The brokerage currently has a $12.00 price target on the stock.

Several other equities research analysts have also issued reports on PRME. JPMorgan Chase & Co. reduced their target price on shares of Prime Medicine from $16.00 to $15.00 and set an overweight rating for the company in a report on Monday, May 13th. Citigroup raised shares of Prime Medicine from a neutral rating to a buy rating and set a $10.00 price objective for the company in a report on Thursday, May 16th. HC Wainwright started coverage on shares of Prime Medicine in a report on Monday, May 20th. They set a buy rating and a $10.00 price objective for the company. Jefferies Financial Group reaffirmed a buy rating and set a $15.00 price objective (down from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. Finally, Chardan Capital assumed coverage on shares of Prime Medicine in a report on Monday, April 22nd. They issued a buy rating and a $17.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $15.09.

Prime Medicine Stock Down 4.4 %

PRME traded down $0.19 during midday trading on Thursday, hitting $4.20. 700,383 shares of the company traded hands, compared to its average volume of 782,818. The firm has a market capitalization of $503.53 million, a PE ratio of -1.92 and a beta of 2.21. The company’s 50-day moving average is $5.86 and its 200 day moving average is $6.42. Prime Medicine has a 52 week low of $4.11 and a 52 week high of $13.60.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.01. The company had revenue of $0.59 million for the quarter. On average, sell-side analysts predict that Prime Medicine will post -1.64 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

Institutional investors have recently bought and sold shares of the stock. ARK Investment Management LLC lifted its position in shares of Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock worth $31,492,000 after purchasing an additional 133,419 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Prime Medicine by 43.1% during the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Prime Medicine by 13.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares during the last quarter. Redmile Group LLC lifted its position in shares of Prime Medicine by 56.6% during the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after purchasing an additional 750,000 shares during the last quarter. Finally, Farallon Capital Management LLC bought a new stake in shares of Prime Medicine during the first quarter worth $5,250,000. 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.