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

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a report released on Friday,RTT News reports. They presently have a $12.00 price target on the stock. Wedbush’s target price points to a potential upside of 376.19% from the stock’s current price.

Other research analysts also recently issued reports about the stock. JMP Securities assumed coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target for the company. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Chardan Capital dropped their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. StockNews.com raised shares of Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. Finally, Guggenheim reaffirmed a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.13.

Prime Medicine Price Performance

Shares of NYSE:PRME opened at $2.52 on Friday. The firm has a fifty day moving average price of $2.85 and a two-hundred day moving average price of $3.42. Prime Medicine has a one year low of $2.25 and a one year high of $9.62. The company has a market cap of $330.53 million, a price-to-earnings ratio of -1.23 and a beta of 1.86.

Hedge Funds Weigh In On Prime Medicine

Large investors have recently added to or reduced their stakes in the business. American Century Companies Inc. purchased a new position in Prime Medicine in the 4th quarter worth $33,000. Nisa Investment Advisors LLC raised its position in Prime Medicine by 11,474.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after purchasing an additional 12,507 shares during the period. XTX Topco Ltd purchased a new position in shares of Prime Medicine in the fourth quarter valued at about $42,000. Paloma Partners Management Co purchased a new position in shares of Prime Medicine in the third quarter valued at about $45,000. Finally, AXQ Capital LP purchased a new position in shares of Prime Medicine in the fourth quarter valued at about $45,000. Hedge funds and other 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.