Prime Medicine (NYSE:PRME – Get Free Report) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $16.00 to $15.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 133.64% from the company’s current price.
Several other research analysts have also recently weighed in on the stock. TD Cowen assumed coverage on shares of Prime Medicine in a report on Monday, April 8th. They set a “buy” rating on the stock. Stifel Nicolaus cut Prime Medicine from a “buy” rating to a “hold” rating and cut their price objective for the stock from $18.00 to $9.00 in a research report on Tuesday, January 16th. Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 target price (down from $23.00) on shares of Prime Medicine in a research report on Tuesday, May 7th. Wedbush reissued an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Tuesday, April 23rd. Finally, Guggenheim lowered their price objective on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.60.
Get Our Latest Stock Report on PRME
Prime Medicine Stock Performance
Shares of Prime Medicine stock traded up $0.81 on Monday, hitting $6.42. The company had a trading volume of 1,408,297 shares, compared to its average volume of 714,293. Prime Medicine has a 1 year low of $4.11 and a 1 year high of $17.20. The stock has a 50 day moving average of $6.22 and a 200-day moving average of $7.18. The stock has a market capitalization of $770.59 million, a price-to-earnings ratio of -2.96 and a beta of 2.07.
Prime Medicine (NYSE:PRME – Get Free Report) last released 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 analysts anticipate that Prime Medicine will post -1.83 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Robert Nelsen bought 3,200,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the transaction, the director now directly owns 3,200,000 shares in the company, valued at approximately $20,000,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 24.29% of the stock is owned by company insiders.
Hedge Funds Weigh In On Prime Medicine
A number of large investors have recently modified their holdings of the company. ARK Investment Management LLC grew its stake in shares of Prime Medicine by 19.7% during the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after buying an additional 515,841 shares during the last quarter. Vestmark Advisory Solutions Inc. purchased a new position in Prime Medicine in the 4th quarter worth approximately $1,278,000. Greenwich Wealth Management LLC lifted its position in Prime Medicine by 111.1% in the third quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after purchasing an additional 231,021 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Prime Medicine by 18.5% during the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after purchasing an additional 617,310 shares during the period. Finally, Levin Capital Strategies L.P. bought a new position in shares of Prime Medicine in the fourth quarter worth approximately $177,000. 70.37% of the stock is 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.
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