Prime Medicine (NYSE:PRME) Stock Price Up 5.4%

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

Wall Street Analyst Weigh In

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

Prime Medicine Price Performance

The stock’s fifty day moving average price is $5.19 and its 200 day moving average price is $6.20. The stock has a market capitalization of $517.33 million, a P/E ratio of -1.99 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last issued its earnings results on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). On average, sell-side analysts expect that Prime Medicine, Inc. will post -1.76 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Strs Ohio bought a new position in shares of Prime Medicine during the 4th quarter worth $151,000. Levin Capital Strategies L.P. purchased a new stake in Prime Medicine in the fourth quarter worth about $177,000. Vestmark Advisory Solutions Inc. bought a new position in Prime Medicine during the 4th quarter worth about $1,278,000. Trexquant Investment LP purchased a new position in Prime Medicine during the 4th quarter valued at about $239,000. Finally, Bollard Group LLC bought a new stake in shares of Prime Medicine in the 4th quarter valued at about $3,200,000. 70.37% of the stock is currently 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.