Prime Medicine (NYSE:PRME) Given Buy Rating at Jefferies Financial Group

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating reiterated by investment analysts at Jefferies Financial Group in a research report 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 target price suggests a potential upside of 179.85% from the stock’s previous close.

Several other brokerages also recently commented on PRME. TD Cowen began coverage on Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating on the stock. Chardan Capital initiated coverage on shares of Prime Medicine in a research report on Monday, April 22nd. They set a “buy” rating and a $17.00 price target for the company. Stifel Nicolaus cut Prime Medicine from a “buy” rating to a “hold” rating and reduced their target price for the stock from $18.00 to $9.00 in a report on Tuesday, January 16th. Wedbush reissued an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Tuesday, April 23rd. Finally, Guggenheim decreased their price objective on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $16.70.

Prime Medicine Stock Down 3.8 %

Prime Medicine stock opened at $5.36 on Tuesday. The business has a 50 day moving average price of $6.34 and a two-hundred day moving average price of $7.19. The stock has a market cap of $643.36 million, a price-to-earnings ratio of -2.47 and a beta of 2.07. Prime Medicine has a 12 month low of $4.11 and a 12 month high of $17.20.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results 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, analysts expect that Prime Medicine will post -1.8 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert Nelsen purchased 3,200,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost of $6.25 per share, with a total value of $20,000,000.00. Following the completion of the transaction, the director now owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The transaction was disclosed in a filing with the SEC, which is available through this link. 24.29% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in PRME. ProShare Advisors LLC boosted its stake in Prime Medicine by 19.8% in the 1st 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 period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Prime Medicine in the first quarter valued at about $148,000. China Universal Asset Management Co. Ltd. grew its stake in shares of Prime Medicine by 98.8% in the first quarter. China Universal Asset Management Co. Ltd. now owns 22,378 shares of the company’s stock valued at $157,000 after acquiring an additional 11,120 shares in the last quarter. TrueMark Investments LLC increased its position in Prime Medicine by 13.5% during the first quarter. TrueMark Investments LLC now owns 85,183 shares of the company’s stock worth $596,000 after acquiring an additional 10,153 shares during the period. Finally, Green Alpha Advisors LLC raised its stake in Prime Medicine by 14.2% in the 1st quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock worth $236,000 after purchasing an additional 4,200 shares in the last quarter. Institutional investors 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.