Prime Medicine, Inc. (NYSE:PRME) Receives $13.25 Average Target Price from Analysts

Prime Medicine, Inc. (NYSE:PRME) has earned an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the company, Marketbeat reports. One 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 brokers that have issued ratings on the stock in the last year is $13.25.

A number of brokerages have issued reports on PRME. Wedbush restated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research report on Thursday, August 8th. HC Wainwright reissued a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Wednesday, November 13th. Chardan Capital dropped their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a research report on Thursday, November 14th.

Institutional Trading of Prime Medicine

Several large investors have recently bought and sold shares of the business. ProShare Advisors LLC lifted its stake in Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares during the last quarter. Squarepoint Ops LLC lifted its stake in shares of Prime Medicine by 6.5% in the 2nd quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock valued at $326,000 after acquiring an additional 3,895 shares during the last quarter. ORG Partners LLC acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at $29,000. National Bank of Canada FI bought a new stake in Prime Medicine during the 2nd quarter worth $34,000. Finally, Levin Capital Strategies L.P. increased its holdings in Prime Medicine by 32.5% in the 1st quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock worth $186,000 after purchasing an additional 6,500 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Price Performance

Shares of NYSE PRME opened at $3.18 on Friday. The firm has a market cap of $417.09 million, a price-to-earnings ratio of -1.63 and a beta of 2.09. The stock’s fifty day moving average price is $3.88 and its two-hundred day moving average price is $5.01. Prime Medicine has a one year low of $3.14 and a one year high of $9.86.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The company had revenue of $0.21 million for the quarter, compared to analyst estimates of $55.00 million. On average, equities analysts anticipate that Prime Medicine will post -1.71 earnings per share for the current fiscal year.

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.