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

Shares of Prime Medicine, Inc. (NYSE:PRME) have been assigned an average recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $15.09.

PRME has been the topic of several research analyst reports. HC Wainwright initiated coverage on Prime Medicine in a research note on Monday, May 20th. They issued a “buy” rating and a $10.00 price objective on the stock. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. cut their target price on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Citigroup raised shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research report on Thursday, May 16th. Finally, Wedbush reissued an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a research report on Tuesday, April 23rd.

Prime Medicine Stock Down 4.8 %

NYSE:PRME opened at $5.31 on Friday. The company has a market cap of $636.76 million, a P/E ratio of -2.44 and a beta of 2.25. The firm’s 50 day moving average is $6.36 and its two-hundred day moving average is $6.69. Prime Medicine has a fifty-two week low of $4.11 and a fifty-two week high of $15.75.

Prime Medicine (NYSE:PRME) last issued its earnings results on Friday, May 10th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.01. The firm had revenue of $0.59 million during the quarter. Research analysts forecast that Prime Medicine will post -1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Prime Medicine by 43.1% during the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. ARK Investment Management LLC grew its position in shares of Prime Medicine by 19.7% during the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after buying an additional 515,841 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after buying an additional 301,431 shares during the last quarter. Redmile Group LLC boosted its stake in Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after acquiring an additional 750,000 shares during the last quarter. Finally, Farallon Capital Management LLC acquired a new position in Prime Medicine during the 1st quarter worth $5,250,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.