Wedbush Reaffirms “Outperform” Rating for Prime Medicine (NYSE:PRME)

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a report released on Tuesday,RTT News reports. They presently have a $13.00 price target on the stock, up from their previous price target of $12.00.

PRME has been the topic of a number of other research reports. JMP Securities assumed coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price on the stock. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Monday, March 3rd. Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. Finally, Guggenheim reiterated a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.25.

Prime Medicine Price Performance

PRME opened at $2.00 on Tuesday. Prime Medicine has a fifty-two week low of $1.65 and a fifty-two week high of $8.27. The firm has a market capitalization of $262.32 million, a PE ratio of -0.98 and a beta of 1.85. The company’s 50-day moving average is $2.60 and its 200 day moving average is $3.22.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. ProShare Advisors LLC grew its position in shares of Prime Medicine by 24.6% during the 4th quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock valued at $65,000 after acquiring an additional 4,375 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of Prime Medicine by 20.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock valued at $81,000 after acquiring an additional 4,725 shares during the period. Levin Capital Strategies L.P. grew its position in shares of Prime Medicine by 7.1% during the 4th quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company’s stock valued at $219,000 after acquiring an additional 5,000 shares during the period. PEAK6 Investments LLC grew its position in shares of Prime Medicine by 32.4% during the 3rd quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock valued at $174,000 after acquiring an additional 11,013 shares during the period. Finally, American Century Companies Inc. bought a new position in Prime Medicine in the 4th quarter worth approximately $33,000. 70.37% of the stock is owned by 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.