Prime Medicine, Inc. (NYSE:PRME) Given Consensus Recommendation of “Buy” by Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned an average rating of “Buy” from the eleven brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $12.67.

Several brokerages have recently weighed in on PRME. Chardan Capital decreased their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Guggenheim reaffirmed a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th. 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. Finally, StockNews.com raised Prime Medicine to a “sell” rating in a research note on Monday, January 6th.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC raised its position in Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares during the period. Vestal Point Capital LP increased its holdings in shares of Prime Medicine by 137.8% in the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after buying an additional 620,000 shares during the period. Westwood Holdings Group Inc. lifted its stake in shares of Prime Medicine by 125.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company’s stock valued at $1,843,000 after acquiring an additional 199,229 shares during the last quarter. Walleye Capital LLC purchased a new stake in Prime Medicine during the 3rd quarter valued at about $419,000. Finally, GSA Capital Partners LLP purchased a new stake in Prime Medicine during the 3rd quarter valued at about $383,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Trading Down 6.7 %

Prime Medicine stock opened at $2.94 on Friday. The firm has a market capitalization of $385.61 million, a price-to-earnings ratio of -1.43 and a beta of 1.86. The firm has a 50 day simple moving average of $3.26 and a 200 day simple moving average of $4.04. Prime Medicine has a 1-year low of $2.56 and a 1-year high of $9.77.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million. On average, equities research analysts forecast that Prime Medicine will post -1.7 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.