Prime Medicine (NYSE:PRME) Earns Outperform Rating from Wedbush

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a report released on Monday,RTT News reports. They presently have a $8.00 target price on the stock. Wedbush’s price objective would suggest a potential upside of 117.69% from the company’s previous close.

Several other equities research analysts have also commented on PRME. Citigroup reissued a “neutral” rating on shares of Prime Medicine in a research note on Wednesday, October 29th. Chardan Capital decreased their target price on Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $8.75.

Prime Medicine Stock Down 3.5%

Shares of NYSE PRME traded down $0.14 during midday trading on Monday, hitting $3.68. The company had a trading volume of 2,343,129 shares, compared to its average volume of 2,823,462. The business has a 50-day simple moving average of $4.96 and a two-hundred day simple moving average of $3.46. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $6.94. The firm has a market capitalization of $494.56 million, a price-to-earnings ratio of -1.79 and a beta of 2.64.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Creative Planning purchased a new position in Prime Medicine in the 2nd quarter valued at about $25,000. Freedom Investment Management Inc. acquired a new position in shares of Prime Medicine in the second quarter valued at approximately $26,000. R Squared Ltd purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $31,000. JTC Employer Solutions Trustee Ltd purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $33,000. Finally, Savant Capital LLC acquired a new stake in Prime Medicine during the second quarter worth approximately $37,000. Institutional investors and hedge funds 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.