Prime Medicine (NYSE:PRME) Receives Outperform Rating from Wedbush

Wedbush restated their outperform rating on shares of Prime Medicine (NYSE:PRME) in a research note issued to investors on Thursday, RTT News reports. They currently have a $12.00 target price on the stock.

Other research analysts have also recently issued research reports about the company. StockNews.com raised Prime Medicine to a sell rating in a report on Wednesday. Citigroup raised shares of Prime Medicine from a neutral rating to a buy rating and set a $10.00 target price on the stock in a research note on Thursday, May 16th. Chardan Capital initiated coverage on shares of Prime Medicine in a research note on Monday, April 22nd. They set a buy rating and a $17.00 target price on the stock. HC Wainwright initiated coverage on shares of Prime Medicine in a research note on Monday, May 20th. They set a buy rating and a $10.00 target price on the stock. Finally, Jefferies Financial Group reissued a buy rating and set a $15.00 target price (down from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. One investment 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 data from MarketBeat, Prime Medicine presently has an average rating of Moderate Buy and a consensus price target of $15.09.

Prime Medicine Trading Down 4.4 %

NYSE:PRME traded down $0.19 during midday trading on Thursday, hitting $4.20. 700,383 shares of the stock were exchanged, compared to its average volume of 782,818. Prime Medicine has a one year low of $4.11 and a one year high of $13.60. The company has a market capitalization of $503.53 million, a price-to-earnings ratio of -1.92 and a beta of 2.21. The business has a 50-day moving average price of $5.86 and a two-hundred day moving average price of $6.42.

Prime Medicine (NYSE:PRME) last posted its quarterly 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 during the quarter. Sell-side analysts forecast that Prime Medicine will post -1.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. ORG Partners LLC acquired a new position in shares of Prime Medicine during the second quarter valued at about $29,000. National Bank of Canada FI acquired a new position in shares of Prime Medicine during the second quarter valued at about $34,000. Nisa Investment Advisors LLC raised its position in shares of Prime Medicine by 22,652.9% during the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after buying an additional 7,702 shares during the last quarter. Chelsea Counsel Co. raised its position in shares of Prime Medicine by 733.3% during the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after buying an additional 4,400 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Prime Medicine during the fourth quarter valued at about $90,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.