Prime Medicine (NASDAQ:PRME) Now Covered by Oppenheimer

Oppenheimer started coverage on shares of Prime Medicine (NASDAQ:PRME) in a research report report published on Thursday morning, Marketbeat reports. The firm issued an outperform rating and a $11.00 price target on the stock.

Other equities analysts have also recently issued reports about the stock. Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Prime Medicine in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.75.

Prime Medicine Price Performance

PRME stock opened at $3.73 on Thursday. Prime Medicine has a 52-week low of $1.11 and a 52-week high of $6.94. The company’s 50 day moving average price is $3.87. The firm has a market capitalization of $673.45 million, a price-to-earnings ratio of -2.76 and a beta of 2.56.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently made changes to their positions in the company. Alphabet Inc. grew its stake in shares of Prime Medicine by 10.0% in the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock valued at $91,756,000 after buying an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC raised its position in Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after acquiring an additional 3,155,182 shares in the last quarter. State Street Corp raised its position in Prime Medicine by 293.0% during the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after acquiring an additional 3,798,884 shares in the last quarter. Vanguard Group Inc. lifted its stake in Prime Medicine by 35.7% in the third quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock valued at $27,267,000 after acquiring an additional 1,294,355 shares during the last quarter. Finally, Farallon Capital Management LLC lifted its stake in Prime Medicine by 533.3% in the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after acquiring an additional 4,000,000 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.