Prime Medicine (NYSE:PRME) Stock Price Up 6.5%

Prime Medicine, Inc. (NYSE:PRME) traded up 6.5% during mid-day trading on Thursday . The company traded as high as $5.99 and last traded at $5.91. 150,819 shares were traded during mid-day trading, a decline of 81% from the average session volume of 787,811 shares. The stock had previously closed at $5.55.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Citigroup upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a report on Thursday, May 16th. JPMorgan Chase & Co. reduced their price target on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Jefferies Financial Group reiterated a “buy” rating and issued a $15.00 price target (down from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Wednesday. Finally, HC Wainwright initiated coverage on shares of Prime Medicine in a research note on Monday, May 20th. They set a “buy” rating and a $10.00 price target for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.09.

Prime Medicine Trading Up 8.3 %

The firm’s fifty day moving average price is $6.31 and its 200 day moving average price is $6.85. The firm has a market capitalization of $721.38 million, a PE ratio of -2.74 and a beta of 2.25.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.01. The firm had revenue of $0.59 million for the quarter. On average, analysts predict that Prime Medicine, Inc. will post -1.64 earnings per share for the current year.

Institutional Trading of Prime Medicine

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Prime Medicine by 43.1% during the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares in the last quarter. ARK Investment Management LLC lifted its holdings in 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 purchasing an additional 515,841 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Prime Medicine by 13.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after purchasing an additional 301,431 shares in the last quarter. Redmile Group LLC lifted its holdings in Prime Medicine by 56.6% during the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after purchasing an additional 750,000 shares in the last quarter. Finally, Farallon Capital Management LLC purchased a new position in Prime Medicine during the first quarter valued at $5,250,000. 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.