Prime Medicine, Inc. (NYSE:PRME) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME) have been assigned an average recommendation of “Moderate Buy” from the ten analysts that are covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $14.11.

A number of research firms recently commented on PRME. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently made changes to their positions in the stock. Chelsea Counsel Co. grew its stake in shares of Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after buying an additional 4,400 shares during the period. ORG Partners LLC bought a new position in Prime Medicine in the second quarter worth approximately $29,000. National Bank of Canada FI acquired a new stake in Prime Medicine in the second quarter valued at approximately $34,000. Nisa Investment Advisors LLC increased its holdings in shares of Prime Medicine by 22,652.9% during the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Prime Medicine by 19.8% during the first 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. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Stock Performance

Shares of NYSE PRME opened at $3.56 on Friday. The firm has a 50 day moving average price of $4.43 and a two-hundred day moving average price of $5.58. The stock has a market cap of $427.31 million, a P/E ratio of -1.64 and a beta of 2.18. Prime Medicine has a 52-week low of $3.39 and a 52-week high of $10.42.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). Analysts predict that Prime Medicine will post -1.76 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.