JMP Securities Begins Coverage on Prime Medicine (NYSE:PRME)

Stock analysts at JMP Securities assumed coverage on shares of Prime Medicine (NYSE:PRME) in a report released on Tuesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $10.00 price target on the stock. JMP Securities’ price objective indicates a potential upside of 210.56% from the stock’s current price.

PRME has been the topic of a number of other reports. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, November 13th. Guggenheim reiterated a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. Chardan Capital dropped their target price on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $12.67.

Prime Medicine Price Performance

Prime Medicine stock opened at $3.22 on Tuesday. The firm’s 50-day moving average is $3.69 and its two-hundred day moving average is $4.65. The stock has a market capitalization of $422.34 million, a P/E ratio of -1.57 and a beta of 1.89. Prime Medicine has a 12-month low of $2.85 and a 12-month high of $9.86.

Prime Medicine (NYSE:PRME) last issued its earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. As a group, analysts forecast that Prime Medicine will post -1.7 EPS for the current year.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of PRME. Barclays PLC boosted its stake in Prime Medicine by 343.3% during the third quarter. Barclays PLC now owns 84,697 shares of the company’s stock valued at $328,000 after buying an additional 65,593 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Prime Medicine by 4.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock valued at $5,264,000 after purchasing an additional 63,456 shares in the last quarter. State Street Corp grew its stake in shares of Prime Medicine by 3.9% in the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after purchasing an additional 43,086 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Prime Medicine by 12,371.0% in the 3rd quarter. Benjamin Edwards Inc. now owns 23,196 shares of the company’s stock worth $90,000 after purchasing an additional 23,010 shares in the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of Prime Medicine in the 3rd quarter worth approximately $45,000. Institutional investors 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.