Prime Medicine (NYSE:PRME) Given “Outperform” Rating at Wedbush

Wedbush restated their outperform rating on shares of Prime Medicine (NYSE:PRME) in a report published on Tuesday morning,RTT News reports. They currently have a $13.00 target price on the stock, up from their previous target price of $12.00.

Several other equities research analysts have also issued reports on PRME. Chardan Capital reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Prime Medicine in a research note on Monday, March 3rd. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. JMP Securities began coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price objective for the company. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. Finally, Guggenheim reissued a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus price target of $13.25.

Prime Medicine Price Performance

PRME stock opened at $1.76 on Tuesday. The stock has a market capitalization of $230.84 million, a P/E ratio of -0.86 and a beta of 1.85. Prime Medicine has a 1-year low of $1.65 and a 1-year high of $8.27. The business has a fifty day moving average price of $2.62 and a 200-day moving average price of $3.22.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same quarter in the prior year, the firm posted ($2.18) earnings per share. As a group, analysts anticipate that Prime Medicine will post -1.68 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently made changes to their positions in the stock. Chelsea Counsel Co. grew its position in shares of Prime Medicine by 137.4% in the fourth quarter. Chelsea Counsel Co. now owns 186,780 shares of the company’s stock valued at $545,000 after purchasing an additional 108,090 shares in the last quarter. Westwood Holdings Group Inc. grew its position in shares of Prime Medicine by 96.5% in the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock valued at $2,579,000 after purchasing an additional 433,653 shares in the last quarter. Sherbrooke Park Advisers LLC purchased a new stake in shares of Prime Medicine in the fourth quarter valued at approximately $60,000. Point72 Asset Management L.P. purchased a new stake in shares of Prime Medicine in the fourth quarter valued at approximately $200,000. Finally, ProShare Advisors LLC grew its position in shares of Prime Medicine by 24.6% in the fourth quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock valued at $65,000 after purchasing an additional 4,375 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.