Wedbush Reaffirms “Outperform” Rating for Prime Medicine (NYSE:PRME)

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a report issued on Friday,RTT News reports. They presently have a $12.00 target price on the stock. Wedbush’s target price indicates a potential upside of 386.82% from the stock’s previous close.

Several other research firms also recently weighed in on PRME. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research report on Wednesday, November 13th. Guggenheim reaffirmed a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. StockNews.com raised Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. Chardan Capital decreased their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Finally, Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.13.

Prime Medicine Price Performance

Shares of NYSE:PRME traded up $0.05 during trading on Friday, hitting $2.47. The company’s stock had a trading volume of 448,386 shares, compared to its average volume of 949,959. The firm has a market cap of $323.31 million, a price-to-earnings ratio of -1.20 and a beta of 1.86. The company has a 50-day moving average of $2.86 and a 200-day moving average of $3.44. Prime Medicine has a 12 month low of $2.25 and a 12 month high of $9.62.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently modified their holdings of the stock. American Century Companies Inc. purchased a new position in Prime Medicine during the fourth quarter valued at $33,000. Paloma Partners Management Co bought a new position in shares of Prime Medicine during the 3rd quarter valued at about $45,000. Nisa Investment Advisors LLC boosted its holdings in shares of Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock valued at $37,000 after purchasing an additional 12,507 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Prime Medicine during the third quarter valued at about $55,000. Finally, XTX Topco Ltd bought a new stake in shares of Prime Medicine in the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.