Brokerages Set Prime Medicine, Inc. (NYSE:PRME) PT at $13.13

Shares of Prime Medicine, Inc. (NYSE:PRME) have received a consensus rating of “Buy” from the ten brokerages that are currently covering the firm, MarketBeat Ratings reports. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $13.13.

A number of research analysts have recently issued reports on the company. Guggenheim reissued a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. JMP Securities assumed coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, November 13th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research report on Wednesday, January 15th. Finally, Chardan Capital reduced their price target on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 13th.

Prime Medicine Trading Down 5.4 %

Shares of PRME stock opened at $2.65 on Thursday. The stock has a market cap of $347.57 million, a P/E ratio of -1.29 and a beta of 1.86. Prime Medicine has a 1 year low of $2.56 and a 1 year high of $9.77. The stock has a 50 day simple moving average of $3.02 and a 200 day simple moving average of $3.74.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. Analysts forecast that Prime Medicine will post -1.68 EPS for the current year.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRME. Nisa Investment Advisors LLC boosted its stake in Prime Medicine by 11,474.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after purchasing an additional 12,507 shares in the last quarter. Paloma Partners Management Co bought a new position in Prime Medicine in the 3rd quarter valued at approximately $45,000. Impact Partnership Wealth LLC purchased a new stake in Prime Medicine during the 4th quarter valued at $50,000. Intech Investment Management LLC bought a new stake in shares of Prime Medicine in the 3rd quarter worth $55,000. Finally, Avanza Fonder AB bought a new position in shares of Prime Medicine during the fourth quarter valued at $66,000. Hedge funds and other 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.