Prime Medicine, Inc. (NYSE:PRME) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Prime Medicine, Inc. (NYSE:PRME) have been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $14.70.

A number of equities research analysts have recently commented on the stock. Citigroup upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a report on Thursday, May 16th. Wedbush restated an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a research note on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Friday, August 9th. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Finally, Jefferies Financial Group restated a “buy” rating and set a $15.00 target price (down previously from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. ProShare Advisors LLC raised its holdings in Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after purchasing an additional 2,520 shares during the period. Squarepoint Ops LLC raised its stake in shares of Prime Medicine by 6.5% in the second quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock worth $326,000 after buying an additional 3,895 shares during the period. Green Alpha Advisors LLC lifted its position in shares of Prime Medicine by 14.2% during the 1st quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock valued at $236,000 after buying an additional 4,200 shares in the last quarter. Chelsea Counsel Co. grew its stake in shares of Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after acquiring an additional 4,400 shares during the period. Finally, ORG Partners LLC purchased a new stake in Prime Medicine in the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Trading Down 0.7 %

Prime Medicine stock opened at $4.28 on Monday. Prime Medicine has a 12 month low of $3.99 and a 12 month high of $13.60. The company has a market capitalization of $513.73 million, a price-to-earnings ratio of -1.97 and a beta of 2.21. The business’s fifty day simple moving average is $5.07 and its two-hundred day simple moving average is $6.15.

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 analysts’ consensus estimates of ($0.40) by ($0.06). On average, equities research analysts predict that Prime Medicine will post -1.76 EPS for the current 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.