Prime Medicine (NYSE:PRME) Trading Up 8.8%

Shares of Prime Medicine, Inc. (NYSE:PRME) were up 8.8% during mid-day trading on Tuesday . The stock traded as high as $5.21 and last traded at $5.20. Approximately 113,714 shares traded hands during trading, a decline of 83% from the average daily volume of 675,428 shares. The stock had previously closed at $4.78.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PRME shares. Wedbush reiterated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a report on Tuesday. Guggenheim lowered their target price on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Stifel Nicolaus lowered shares of Prime Medicine from a “buy” rating to a “hold” rating and lowered their target price for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Chardan Capital started coverage on shares of Prime Medicine in a research report on Monday. They set a “buy” rating and a $17.00 price target for the company. Finally, TD Cowen started coverage on shares of Prime Medicine in a research report on Monday, April 8th. They set a “buy” rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.89.

Prime Medicine Stock Down 2.1 %

The firm’s 50 day simple moving average is $7.02 and its 200 day simple moving average is $7.35.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, equities analysts forecast that Prime Medicine, Inc. will post -1.8 earnings per share for the current year.

Insider Transactions at Prime Medicine

In other Prime Medicine news, Director Robert Nelsen bought 3,200,000 shares of Prime Medicine stock in a transaction dated 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 acquisition, the director now directly owns 3,200,000 shares in the company, valued at approximately $20,000,000. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 24.29% of the company’s stock.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC grew its holdings in Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after purchasing an additional 515,841 shares during the last quarter. Greenwich Wealth Management LLC grew its stake in Prime Medicine by 111.1% in the 3rd quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock worth $4,188,000 after acquiring an additional 231,021 shares in the last quarter. Barclays PLC grew its stake in Prime Medicine by 726.8% in the 3rd quarter. Barclays PLC now owns 65,140 shares of the company’s stock worth $621,000 after acquiring an additional 57,261 shares in the last quarter. Vanguard Group Inc. grew its stake in Prime Medicine by 18.5% in the 3rd quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock worth $37,700,000 after acquiring an additional 617,310 shares in the last quarter. Finally, Citigroup Inc. grew its stake in Prime Medicine by 296.8% in the 3rd quarter. Citigroup Inc. now owns 56,193 shares of the company’s stock worth $536,000 after acquiring an additional 42,032 shares in the last quarter. 70.37% of the stock is currently owned by 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.