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

Prime Medicine, Inc. (NYSE:PRMEGet Free Report) shares 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.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $15.00 target price (down from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. JPMorgan Chase & Co. reduced their price target on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Monday, May 13th. Chardan Capital began 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 on the stock. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research report on Tuesday, June 25th. Finally, TD Cowen started coverage on shares of Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.09.

Get Our Latest Stock Analysis on Prime Medicine

Prime Medicine Stock Up 3.6 %

The company has a market capitalization of $651.77 million, a PE ratio of -2.41 and a beta of 2.25. The stock’s fifty day simple moving average is $6.28 and its 200-day simple moving average is $6.92.

Prime Medicine (NYSE:PRMEGet Free Report) last issued its earnings results on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.01. The company had revenue of $0.59 million during the quarter. Analysts expect that Prime Medicine, Inc. will post -1.64 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Chelsea Counsel Co. grew its stake in Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after acquiring an additional 4,400 shares during the period. SG Americas Securities LLC purchased a new stake in Prime Medicine in the 4th quarter worth approximately $90,000. China Universal Asset Management Co. Ltd. purchased a new stake in Prime Medicine in the 4th quarter worth approximately $100,000. ProShare Advisors LLC boosted its holdings in shares of 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 last quarter. Finally, Strs Ohio acquired a new position in shares of Prime Medicine in the 4th quarter valued at $151,000. 70.37% of the stock is owned by hedge funds and other 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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