Prime Medicine, Inc. (NYSE:PRME) Receives $13.50 Consensus PT from Analysts

Prime Medicine, Inc. (NYSE:PRME) has received an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $13.50.

A number of research firms have recently weighed in on PRME. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a report on Friday. Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a report on Thursday, August 8th. Finally, StockNews.com raised Prime Medicine to a “sell” rating in a report on Wednesday, August 7th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC grew its position in Prime Medicine by 2.2% in the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after acquiring an additional 133,419 shares during the last quarter. Vanguard Group Inc. grew its position in Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after acquiring an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after acquiring an additional 301,431 shares during the last quarter. Redmile Group LLC grew its position in Prime Medicine by 56.6% in the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after acquiring an additional 750,000 shares during the last quarter. Finally, Millennium Management LLC grew its position 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. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $4.03 on Tuesday. The business has a fifty day simple moving average of $3.93 and a two-hundred day simple moving average of $5.12. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86. The company has a market capitalization of $483.72 million, a price-to-earnings ratio of -1.87 and a beta of 2.18.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results 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). As a group, equities analysts anticipate that Prime Medicine will post -1.75 earnings per share for the current fiscal year.

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.