Prime Medicine (NYSE:PRME) Shares Up 8.8%

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

Wall Street Analyst Weigh In

PRME has been the subject of a number of analyst reports. Guggenheim cut their price target on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. Stifel Nicolaus downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and dropped their price objective for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Chardan Capital began coverage on shares of Prime Medicine in a report on Monday. They set a “buy” rating and a $17.00 price objective for the company. Wedbush began coverage on shares of Prime Medicine in a report on Tuesday, April 2nd. They set an “outperform” rating and a $12.00 price objective for the company. Finally, TD Cowen began coverage on shares of Prime Medicine in a 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 issued a buy rating to the company’s stock. According to data from MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $16.89.

Prime Medicine Stock Performance

The stock’s fifty day moving average is $7.10 and its 200 day moving average is $7.40. The stock has a market cap of $600.90 million, a P/E ratio of -2.40 and a beta of 1.81.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Equities research analysts predict that Prime Medicine, Inc. will post -1.8 EPS for the current year.

Insider Buying and Selling

In other news, Director Robert Nelsen acquired 3,200,000 shares of Prime Medicine stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average cost of $6.25 per share, with a total value of $20,000,000.00. Following the transaction, the director now directly owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 24.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRME. Chelsea Counsel Co. raised its position in Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares during the period. SG Americas Securities LLC purchased a new stake in Prime Medicine in the 4th quarter worth about $90,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Prime Medicine during the fourth quarter worth approximately $100,000. Barclays PLC increased its position in shares of Prime Medicine by 47.7% during the second quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after acquiring an additional 2,543 shares during the period. Finally, Strs Ohio purchased a new position in shares of Prime Medicine during the fourth quarter worth approximately $151,000. 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.