Prime Medicine (NYSE:PRME) Earns "Outperform" Rating from Wedbush

Wedbush reiterated their outperform rating on shares of Prime Medicine (NYSE:PRME - Free Report) in a report issued on Tuesday morning,RTT News reports. Wedbush currently has a $13.00 price objective on the stock, up from their previous price objective of $12.00. Wedbush also issued estimates for Prime Medicine's FY2029 earnings at ($1.27) EPS.

A number of other research firms have also weighed in on PRME. Citizens Jmp raised shares of Prime Medicine to a "strong-buy" rating in a research report on Tuesday, December 10th. Chardan Capital reissued a "buy" rating and issued a $15.00 price objective on shares of Prime Medicine in a research report on Monday, March 3rd. HC Wainwright reissued a "buy" rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Monday, March 3rd. Guggenheim reissued a "buy" rating and issued a $18.00 price objective on shares of Prime Medicine in a research report on Tuesday, December 3rd. Finally, JMP Securities assumed coverage on shares of Prime Medicine in a research report on Tuesday, December 10th. They issued an "outperform" rating and a $10.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Prime Medicine has a consensus rating of "Moderate Buy" and an average target price of $13.38.

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Prime Medicine Trading Down 3.0 %

Shares of PRME traded down $0.06 during trading hours on Tuesday, reaching $1.95. The company had a trading volume of 1,329,340 shares, compared to its average volume of 1,116,465. The firm has a 50 day simple moving average of $2.56 and a 200-day simple moving average of $3.19. The company has a market capitalization of $255.76 million, a price-to-earnings ratio of -0.95 and a beta of 1.85. Prime Medicine has a 12-month low of $1.65 and a 12-month high of $8.27.

Prime Medicine (NYSE:PRME - Get Free Report) last posted its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same quarter in the previous year, the firm posted ($2.18) EPS. Sell-side analysts forecast that Prime Medicine will post -1.68 earnings per share for the current year.

Institutional Trading of Prime Medicine

Several institutional investors have recently added to or reduced their stakes in PRME. GSA Capital Partners LLP acquired a new stake in shares of Prime Medicine during the third quarter worth $383,000. Intech Investment Management LLC acquired a new stake in shares of Prime Medicine during the third quarter worth $55,000. Corsair Capital Management L.P. acquired a new stake in shares of Prime Medicine during the third quarter worth $77,000. PEAK6 Investments LLC raised its holdings in shares of Prime Medicine by 32.4% during the third quarter. PEAK6 Investments LLC now owns 45,013 shares of the company's stock worth $174,000 after purchasing an additional 11,013 shares during the period. Finally, Walleye Capital LLC acquired a new stake in shares of Prime Medicine during the third quarter worth $419,000. 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.