Prime Medicine (NYSE:PRME) Trading Up 5.4%

Shares of Prime Medicine, Inc. (NYSE:PRME) traded up 5.4% during trading on Monday . The company traded as high as $4.66 and last traded at $4.66. 31,595 shares were traded during trading, a decline of 96% from the average session volume of 763,290 shares. The stock had previously closed at $4.42.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PRME shares. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Friday, August 9th. Wedbush restated an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Thursday, August 8th. Jefferies Financial Group reiterated a “buy” rating and issued a $15.00 price objective (down previously from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. Citigroup raised shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Thursday, May 16th. Finally, StockNews.com raised Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $14.70.

Prime Medicine Stock Performance

The business’s fifty day moving average price is $5.26 and its two-hundred day moving average price is $6.24. The stock has a market capitalization of $546.14 million, a P/E ratio of -2.15 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06). As a group, analysts forecast that Prime Medicine, Inc. will post -1.76 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Several large investors have recently modified their holdings of PRME. ORG Partners LLC bought a new stake in Prime Medicine during the second quarter valued at about $29,000. National Bank of Canada FI purchased a new stake in Prime Medicine during the second quarter valued at approximately $34,000. Nisa Investment Advisors LLC boosted its stake in Prime Medicine by 22,652.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares in the last quarter. Chelsea Counsel Co. grew its holdings in Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Prime Medicine in the 2nd quarter worth $97,000. Institutional investors own 70.37% of the company’s stock.

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.