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

Wedbush reissued their outperform rating on shares of Prime Medicine (NYSE:PRME) in a report issued on Friday,RTT News reports. They currently have a $12.00 price target on the stock.

A number of other brokerages also recently issued reports on PRME. JMP Securities assumed coverage on Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Wednesday, November 13th. Guggenheim reaffirmed a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Finally, Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $13.13.

Prime Medicine Trading Up 4.1 %

Shares of NYSE:PRME opened at $2.52 on Friday. Prime Medicine has a 12-month low of $2.25 and a 12-month high of $9.62. The company has a market capitalization of $330.53 million, a PE ratio of -1.23 and a beta of 1.86. The business has a 50 day moving average of $2.85 and a two-hundred day moving average of $3.43.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRME. China Universal Asset Management Co. Ltd. raised its stake in Prime Medicine by 63.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock valued at $89,000 after purchasing an additional 8,985 shares during the last quarter. Greenwich Wealth Management LLC raised its stake in Prime Medicine by 12.3% in the 3rd quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company’s stock valued at $2,837,000 after purchasing an additional 80,000 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Prime Medicine in the 3rd quarter valued at $383,000. Intech Investment Management LLC purchased a new stake in Prime Medicine in the 3rd quarter valued at $55,000. Finally, Corsair Capital Management L.P. purchased a new stake in Prime Medicine in the 3rd quarter valued at $77,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.