Prime Medicine (NYSE:PRME) Shares Gap Up to $5.24

Prime Medicine, Inc. (NYSE:PRMEGet Free Report)’s share price gapped up prior to trading on Monday . The stock had previously closed at $5.24, but opened at $5.39. Prime Medicine shares last traded at $5.47, with a volume of 37,232 shares changing hands.

Analyst Upgrades and Downgrades

PRME has been the topic of a number of recent research reports. Wedbush restated an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research note on Tuesday, April 23rd. Jefferies Financial Group restated a “buy” rating and set a $15.00 price objective (down previously from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. JPMorgan Chase & Co. reduced their price objective on Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Citigroup upgraded Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Thursday, May 16th. Finally, Chardan Capital initiated coverage on Prime Medicine in a research note on Monday, April 22nd. They set a “buy” rating and a $17.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.09.

Read Our Latest Research Report on Prime Medicine

Prime Medicine Price Performance

The stock has a market capitalization of $674.57 million, a P/E ratio of -2.59 and a beta of 2.25. The company has a fifty day moving average of $6.31 and a two-hundred day moving average of $6.86.

Prime Medicine (NYSE:PRMEGet Free Report) last announced its quarterly earnings data on Friday, May 10th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.01. The firm had revenue of $0.59 million during the quarter. As a group, equities research analysts predict that Prime Medicine, Inc. will post -1.64 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the company. Chelsea Counsel Co. increased 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 valued at $44,000 after buying an additional 4,400 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Prime Medicine during the fourth quarter valued at approximately $90,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Prime Medicine during the fourth quarter valued at approximately $100,000. ProShare Advisors LLC grew its holdings in shares of Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Prime Medicine during the first quarter valued at approximately $148,000. 70.37% of the stock is owned by institutional investors.

About Prime Medicine

(Get Free Report)

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.

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