Prime Medicine (NYSE:PRME) Stock Rating Reaffirmed by Wedbush

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

PRME has been the topic of a number of other reports. Guggenheim lowered 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 note on Tuesday, March 5th. TD Cowen began coverage on Prime Medicine in a research report on Monday, April 8th. They issued a buy rating on the stock. Chardan Capital assumed coverage on Prime Medicine in a research note on Monday. They issued a buy rating and a $17.00 price objective on the stock. Finally, Stifel Nicolaus downgraded Prime Medicine from a buy rating to a hold rating and decreased their target price for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $16.89.

Prime Medicine Stock Performance

Shares of PRME opened at $4.30 on Tuesday. The company’s fifty day moving average is $6.95 and its 200-day moving average is $7.33. Prime Medicine has a 12 month low of $4.11 and a 12 month 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 the consensus estimate of ($0.48) by ($0.08). Analysts expect that Prime Medicine will post -1.8 EPS for the current year.

Insider Buying and Selling at Prime Medicine

In other news, Director Robert Nelsen acquired 3,200,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were acquired 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 in the company, valued at approximately $20,000,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 24.29% of the company’s stock.

Institutional Trading of Prime Medicine

Several institutional investors have recently made changes to their positions in the business. Chelsea Counsel Co. lifted its stake in Prime Medicine by 733.3% during the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Prime Medicine in the fourth quarter valued at approximately $90,000. China Universal Asset Management Co. Ltd. bought a new position in Prime Medicine in the 4th quarter worth approximately $100,000. Barclays PLC lifted its holdings in Prime Medicine by 47.7% during the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after buying an additional 2,543 shares in the last quarter. Finally, Strs Ohio bought a new position in Prime Medicine in the 4th quarter valued at $151,000. 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.