Prime Medicine (NYSE:PRME) Shares Gap Up to $6.87

Prime Medicine, Inc. (NYSE:PRME)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $6.87, but opened at $7.10. Prime Medicine shares last traded at $6.70, with a volume of 113,845 shares traded.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Stifel Nicolaus lowered Prime Medicine from a “buy” rating to a “hold” rating and decreased their price target for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. Citigroup assumed coverage on Prime Medicine in a research note on Friday, December 8th. They issued a “neutral” rating and a $10.00 price target on the stock. Finally, Guggenheim decreased their price target on 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 analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Prime Medicine has an average rating of “Hold” and a consensus price target of $17.57.

Prime Medicine Stock Performance

The business has a fifty day moving average price of $7.43 and a 200 day moving average price of $8.06. The company has a market capitalization of $810.79 million, a PE ratio of -3.12 and a beta of 1.88.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Research analysts forecast that Prime Medicine, Inc. will post -1.83 earnings per share for the current fiscal year.

Insider Activity at Prime Medicine

In related news, Director Robert Nelsen bought 3,200,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the acquisition, the director now owns 3,200,000 shares in the company, valued at approximately $20,000,000. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 24.29% of the company’s stock.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently modified their holdings of the stock. Greenwich Wealth Management LLC raised its holdings in shares of Prime Medicine by 111.1% during the 3rd quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after buying an additional 231,021 shares during the period. Barclays PLC grew its stake in Prime Medicine by 726.8% during the 3rd quarter. Barclays PLC now owns 65,140 shares of the company’s stock valued at $621,000 after purchasing an additional 57,261 shares in the last quarter. Citigroup Inc. grew its stake in Prime Medicine by 296.8% during the 3rd quarter. Citigroup Inc. now owns 56,193 shares of the company’s stock valued at $536,000 after purchasing an additional 42,032 shares in the last quarter. Rafferty Asset Management LLC acquired a new stake in Prime Medicine during the 3rd quarter valued at approximately $1,229,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Prime Medicine by 18.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock valued at $34,676,000 after purchasing an additional 571,097 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.