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

Prime Medicine (NYSE:PRME)‘s stock had its “outperform” rating restated by equities research analysts at Wedbush in a note issued to investors on Friday,RTT News reports. They currently have a $12.00 target price on the stock. Wedbush’s target price would suggest a potential upside of 376.19% from the stock’s previous close.

Several other brokerages have also recently issued reports on PRME. Chardan Capital reduced their price target on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. JMP Securities started coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price objective on the stock. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Finally, Guggenheim reissued a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Prime Medicine presently 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. Prime Medicine has a 1 year low of $2.25 and a 1 year high of $9.62. The company’s 50-day moving average is $2.85 and its 200 day moving average is $3.42. The stock has a market capitalization of $330.53 million, a P/E ratio of -1.23 and a beta of 1.86.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PRME. China Universal Asset Management Co. Ltd. lifted its stake in shares of Prime Medicine by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock worth $89,000 after buying an additional 8,985 shares in the last quarter. Greenwich Wealth Management LLC lifted its stake in shares of Prime Medicine by 12.3% in the third quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company’s stock worth $2,837,000 after buying an additional 80,000 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Prime Medicine during the third quarter valued at approximately $383,000. Intech Investment Management LLC purchased a new position in shares of Prime Medicine during the third quarter valued at approximately $55,000. Finally, Corsair Capital Management L.P. purchased a new position in shares of Prime Medicine during the third quarter valued at approximately $77,000. 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.