Prime Medicine (NYSE:PRME) Shares Gap Up to $3.46

Prime Medicine, Inc. (NYSE:PRME) gapped up before the market opened on Monday . The stock had previously closed at $3.46, but opened at $4.23. Prime Medicine shares last traded at $4.68, with a volume of 12,597,158 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PRME shares. Wedbush reaffirmed an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a report on Thursday, August 8th. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Friday, August 9th. Finally, StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.11.

Prime Medicine Trading Up 15.0 %

The company has a market capitalization of $477.72 million, a PE ratio of -1.99 and a beta of 2.18. The business’s 50-day simple moving average is $4.35 and its two-hundred day simple moving average is $5.50.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.06). On average, analysts forecast that Prime Medicine, Inc. will post -1.76 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in PRME. Vanguard Group Inc. raised its stake in shares of Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after acquiring an additional 1,746,534 shares during the last quarter. Millennium Management LLC lifted its stake in Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after acquiring an additional 895,610 shares during the last quarter. Farallon Capital Management LLC bought a new position in shares of Prime Medicine during the 1st quarter worth approximately $5,250,000. Redmile Group LLC increased its stake in shares of Prime Medicine by 56.6% during the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after purchasing an additional 750,000 shares during the period. Finally, Bollard Group LLC acquired a new position in Prime Medicine in the 4th quarter valued at $3,200,000. 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.