Prime Medicine (NYSE:PRME) Given “Buy” Rating at Jefferies Financial Group

Jefferies Financial Group restated their buy rating on shares of Prime Medicine (NYSE:PRME) in a report released on Tuesday, Benzinga reports. They currently have a $15.00 target price on the stock, down from their prior target price of $23.00.

Other equities research analysts have also recently issued research reports about the company. Chardan Capital initiated coverage on Prime Medicine in a report on Monday, April 22nd. They set a buy rating and a $17.00 target price on the stock. TD Cowen began coverage on Prime Medicine in a research report on Monday, April 8th. They set a buy rating for the company. Stifel Nicolaus lowered shares of Prime Medicine from a buy rating to a hold rating and reduced their target price for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Wedbush reiterated an outperform rating and set a $12.00 price target on shares of Prime Medicine in a report on Tuesday, April 23rd. Finally, Guggenheim reduced their price objective 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $16.70.

Prime Medicine Stock Up 3.1 %

Shares of PRME stock opened at $5.57 on Tuesday. Prime Medicine has a fifty-two week low of $4.11 and a fifty-two week high of $17.20. The business has a fifty day simple moving average of $6.42 and a 200-day simple moving average of $7.20. The stock has a market cap of $668.57 million, a P/E ratio of -2.57 and a beta of 2.07.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.08). On average, sell-side analysts anticipate that Prime Medicine will post -1.8 earnings per share for the current year.

Insider Activity

In other news, Director Robert Nelsen acquired 3,200,000 shares of Prime Medicine stock in a transaction that occurred on Thursday, February 15th. The shares were purchased 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 directly owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 24.29% of the company’s stock.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently bought and sold shares of the business. Chelsea Counsel Co. boosted its stake in Prime Medicine by 733.3% in the fourth 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. SG Americas Securities LLC bought a new position in Prime Medicine during the 4th quarter worth $90,000. China Universal Asset Management Co. Ltd. acquired a new stake in Prime Medicine in the fourth quarter worth $100,000. Susquehanna Fundamental Investments LLC bought a new stake in Prime Medicine in the first quarter valued at $148,000. Finally, Strs Ohio acquired a new position in shares of Prime Medicine during the fourth quarter valued at $151,000. 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.