Prime Medicine (NYSE:PRME) Given “Outperform” Rating at Wedbush

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating reiterated by Wedbush in a note issued to investors on Tuesday,RTT News reports. They presently have a $13.00 price objective on the stock, up from their previous price objective of $12.00.

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

Prime Medicine Stock Performance

Shares of NYSE:PRME traded up $0.01 during trading on Tuesday, reaching $1.76. The stock had a trading volume of 2,152,719 shares, compared to its average volume of 1,096,215. Prime Medicine has a 52 week low of $1.69 and a 52 week high of $8.27. The firm’s fifty day moving average is $2.62 and its 200 day moving average is $3.22. The stock has a market cap of $230.84 million, a price-to-earnings ratio of -0.86 and a beta of 1.85.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same quarter last year, the company earned ($2.18) EPS. On average, research analysts forecast that Prime Medicine will post -1.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently bought and sold shares of the company. Vestal Point Capital LP lifted its position in shares of Prime Medicine by 137.8% during the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after purchasing an additional 620,000 shares in the last quarter. Barclays PLC increased its stake in Prime Medicine by 343.3% in the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock valued at $328,000 after buying an additional 65,593 shares during the last quarter. Geode Capital Management LLC lifted 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 worth $5,264,000 after buying an additional 63,456 shares in the last quarter. State Street Corp boosted 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 buying an additional 43,086 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Prime Medicine in the third quarter valued at approximately $55,000. 70.37% of the stock is owned by hedge funds and other 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.