Jefferies Financial Group Reiterates Buy Rating for Prime Medicine (NYSE:PRME)

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating reissued by equities research analysts at Jefferies Financial Group in a research note issued on Tuesday, Benzinga reports. They presently have a $15.00 price objective on the stock, down from their previous price objective of $23.00. Jefferies Financial Group’s price target indicates a potential upside of 179.85% from the company’s current price.

Other research analysts also recently issued research reports about the company. Wedbush reiterated an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a report on Tuesday, April 23rd. TD Cowen started coverage on shares of Prime Medicine in a research report on Monday, April 8th. They set a “buy” rating for the company. Guggenheim lowered their target price on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Chardan Capital began coverage on shares of Prime Medicine in a research note on Monday, April 22nd. They set a “buy” rating and a $17.00 price target on the stock. Finally, Stifel Nicolaus downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and decreased their price objective for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.70.

Prime Medicine Stock Down 3.8 %

NYSE PRME opened at $5.36 on Tuesday. Prime Medicine has a 52 week low of $4.11 and a 52 week high of $17.20. The firm has a 50 day moving average of $6.34 and a two-hundred day moving average of $7.19. The stock has a market capitalization of $643.36 million, a PE ratio of -2.47 and a beta of 2.07.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.08). On average, equities research analysts expect that Prime Medicine will post -1.8 earnings per share for the current fiscal year.

Insider Transactions at Prime Medicine

In related news, Director Robert Nelsen purchased 3,200,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the purchase, the director now directly owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 24.29% of the company’s stock.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRME. Vanguard Group Inc. boosted its position in shares of Prime Medicine by 18.5% during the 3rd quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock worth $37,700,000 after purchasing an additional 617,310 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Prime Medicine by 18.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock worth $34,676,000 after buying an additional 571,097 shares in the last quarter. ARK Investment Management LLC increased its position in Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after purchasing an additional 515,841 shares in the last quarter. Bollard Group LLC purchased a new stake in shares of Prime Medicine during the fourth quarter worth about $3,200,000. Finally, Greenwich Wealth Management LLC raised its holdings in Prime Medicine by 111.1% in the 3rd quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after acquiring an additional 231,021 shares during the last quarter. 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.