Prime Medicine, Inc. (NYSE:PRME) Receives $12.67 Consensus Target Price from Analysts

Prime Medicine, Inc. (NYSE:PRME) has been assigned a consensus rating of “Buy” from the eleven research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $12.67.

A number of equities research analysts have recently weighed in on PRME shares. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Monday. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research report on Wednesday, November 13th. JMP Securities assumed coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price objective on the stock. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. Finally, Chardan Capital lowered their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th.

Prime Medicine Trading Up 0.3 %

NYSE PRME opened at $3.28 on Friday. The firm has a market capitalization of $430.21 million, a P/E ratio of -1.60 and a beta of 1.86. The firm’s fifty day moving average price is $3.33 and its two-hundred day moving average price is $4.11. Prime Medicine has a 1 year low of $2.56 and a 1 year high of $9.77.

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, research analysts anticipate that Prime Medicine will post -1.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Large investors have recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in shares of Prime Medicine in the 2nd quarter valued at $34,000. Paloma Partners Management Co purchased a new position in Prime Medicine during the third quarter worth about $45,000. Intech Investment Management LLC acquired a new stake in shares of Prime Medicine during the third quarter worth about $55,000. Corsair Capital Management L.P. acquired a new stake in Prime Medicine in the third quarter valued at approximately $77,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in Prime Medicine by 63.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock worth $89,000 after purchasing an additional 8,985 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.