Prime Medicine (NYSE:PRME) Shares Gap Up to $4.28

Prime Medicine, Inc. (NYSE:PRME) gapped up before the market opened on Tuesday . The stock had previously closed at $4.28, but opened at $4.40. Prime Medicine shares last traded at $4.19, with a volume of 117,185 shares.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. Jefferies Financial Group reissued a “buy” rating and set a $15.00 target price (down from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. JPMorgan Chase & Co. lowered their target price on Prime Medicine from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Citigroup raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Thursday, May 16th. Finally, StockNews.com raised Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.70.

Prime Medicine Stock Performance

The company has a market cap of $492.13 million, a price-to-earnings ratio of -1.97 and a beta of 2.21. The firm has a fifty day moving average price of $5.07 and a 200 day moving average price of $6.15.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06). On average, analysts expect that Prime Medicine, Inc. will post -1.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently added to or reduced their stakes in PRME. Vanguard Group Inc. lifted its holdings in Prime Medicine by 43.1% during the 1st 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 during the last quarter. Millennium Management LLC increased its position in Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after buying an additional 895,610 shares during the period. Redmile Group LLC increased its position in Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after buying an additional 750,000 shares during the period. Farallon Capital Management LLC bought a new position in Prime Medicine during the 1st quarter worth $5,250,000. Finally, Bollard Group LLC bought a new position in Prime Medicine during the 4th quarter worth $3,200,000. 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.