Prime Medicine (NYSE:PRME) Shares Gap Up to $7.68

Prime Medicine, Inc. (NYSE:PRME)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $7.68, but opened at $8.00. Prime Medicine shares last traded at $7.89, with a volume of 50,451 shares.

Analysts Set New Price Targets

A number of research firms recently commented on PRME. Chardan Capital initiated coverage on shares of Prime Medicine in a report on Monday, April 22nd. They set a “buy” rating and a $17.00 price target 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 research note on Tuesday, May 7th. TD Cowen assumed coverage on Prime Medicine in a research note on Monday, April 8th. They issued a “buy” rating on the stock. Wedbush reaffirmed an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a research report on Tuesday, April 23rd. Finally, HC Wainwright began coverage on Prime Medicine in a report on Monday, May 20th. They issued a “buy” rating and a $10.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.09.

Prime Medicine Price Performance

The firm has a 50-day moving average price of $6.12 and a 200-day moving average price of $7.20.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.01. The firm had revenue of $0.59 million during the quarter. On average, research analysts expect that Prime Medicine, Inc. will post -1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Westwood Holdings Group Inc. purchased a new stake in Prime Medicine in the first quarter worth about $1,115,000. Farallon Capital Management LLC bought a new stake in shares of Prime Medicine in the 1st quarter worth approximately $5,250,000. Levin Capital Strategies L.P. grew its stake in shares of Prime Medicine by 32.5% in the 1st quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock worth $186,000 after buying an additional 6,500 shares during the last quarter. Redmile Group LLC increased its position in Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after buying an additional 750,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in 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 valued at $17,660,000 after buying an additional 301,431 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.