Prime Medicine (NYSE:PRME) Trading Up 8.8%

Prime Medicine, Inc. (NYSE:PRME)’s stock price traded up 8.8% on Tuesday . The stock traded as high as $5.21 and last traded at $5.20. 113,714 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 675,428 shares. The stock had previously closed at $4.78.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wedbush reissued an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a research note on Tuesday. TD Cowen assumed coverage on shares of Prime Medicine in a research note on Monday, April 8th. They issued a “buy” rating on the stock. Chardan Capital began coverage on shares of Prime Medicine in a research note on Monday. They issued a “buy” rating and a $17.00 price target on the stock. Guggenheim reduced 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. Finally, Stifel Nicolaus downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and reduced their target price for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $16.89.

Prime Medicine Stock Performance

The business’s 50-day simple moving average is $7.02 and its two-hundred day simple moving average is $7.35.

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

Insider Activity at Prime Medicine

In other Prime Medicine news, Director Robert Nelsen acquired 3,200,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the acquisition, the director now owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. TrueMark Investments LLC grew its holdings in shares of Prime Medicine by 13.5% in the first quarter. TrueMark Investments LLC now owns 85,183 shares of the company’s stock valued at $596,000 after purchasing an additional 10,153 shares in the last quarter. Green Alpha Advisors LLC grew its holdings in Prime Medicine by 14.2% during the 1st quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock worth $236,000 after acquiring an additional 4,200 shares in the last quarter. Chelsea Counsel Co. grew its holdings in Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after acquiring an additional 4,400 shares in the last quarter. Vestal Point Capital LP acquired a new position in Prime Medicine during the 4th quarter worth approximately $180,000. Finally, Bollard Group LLC acquired a new position in Prime Medicine during the 4th quarter worth approximately $3,200,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.