Prime Medicine’s (PRME) “Outperform” Rating Reiterated at Wedbush

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a research report issued to clients and investors on Tuesday,RTT News reports. They currently have a $13.00 price target on the stock, up from their prior price target of $12.00.

Other analysts have also recently issued reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Monday, March 3rd. Chardan Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of Prime Medicine in a report on Monday, March 3rd. Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Finally, JMP Securities assumed coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $13.25.

Prime Medicine Stock Performance

PRME traded up $0.01 during trading on Tuesday, reaching $1.76. 2,152,719 shares of the stock were exchanged, compared to its average volume of 1,096,215. The stock’s 50 day moving average price is $2.62 and its two-hundred day moving average price is $3.22. Prime Medicine has a twelve month low of $1.69 and a twelve month high of $8.27. The stock has a market cap of $230.84 million, a P/E ratio of -0.86 and a beta of 1.85.

Prime Medicine (NYSE:PRME) last issued its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the prior year, the company earned ($2.18) EPS. Equities research analysts predict that Prime Medicine will post -1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. grew its stake in Prime Medicine by 4.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock worth $11,616,000 after buying an additional 170,541 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Prime Medicine by 2.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company’s stock worth $4,628,000 after acquiring an additional 38,515 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Prime Medicine by 7.9% during the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company’s stock worth $4,287,000 after purchasing an additional 107,627 shares during the period. State Street Corp grew its stake in shares of Prime Medicine by 3.9% in the third quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after purchasing an additional 43,086 shares during the last quarter. Finally, Vestal Point Capital LP increased its holdings in Prime Medicine by 137.8% in the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after purchasing an additional 620,000 shares during the period. 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.