Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $13.38

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned a consensus rating of “Buy” from the ten brokerages that are presently covering the firm, MarketBeat reports. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $13.38.

A number of brokerages recently weighed in on PRME. Wedbush restated an “outperform” rating and set a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. JMP Securities assumed coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on the stock. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Chardan Capital increased their target price on shares of Prime Medicine from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently made changes to their positions in PRME. American Century Companies Inc. purchased a new stake in Prime Medicine during the 4th quarter valued at about $33,000. Paloma Partners Management Co acquired a new stake in shares of Prime Medicine during the third quarter worth about $45,000. Nisa Investment Advisors LLC lifted its holdings in shares of Prime Medicine by 11,474.3% during the fourth 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 during the period. Intech Investment Management LLC purchased a new stake in Prime Medicine in the third quarter valued at approximately $55,000. Finally, XTX Topco Ltd acquired a new position in Prime Medicine in the 4th quarter worth approximately $42,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Performance

NYSE PRME opened at $1.95 on Friday. Prime Medicine has a one year low of $1.65 and a one year high of $8.27. The company has a market capitalization of $255.76 million, a price-to-earnings ratio of -0.95 and a beta of 1.85. The company’s 50-day simple moving average is $2.56 and its two-hundred day simple moving average is $3.18.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the prior year, the firm earned ($2.18) EPS. Equities analysts expect that Prime Medicine will post -1.68 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.