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

Prime Medicine, Inc. (NYSE:PRME) has earned an average rating of “Buy” from the eleven analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $12.67.

Several research firms recently issued reports on PRME. Guggenheim reissued a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research report on Tuesday, December 3rd. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Monday. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. Chardan Capital cut their target price 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. Finally, JMP Securities initiated coverage on Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price on the stock.

Institutional Trading of Prime Medicine

Several large investors have recently bought and sold shares of the company. Millennium Management LLC boosted its stake in shares of Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after purchasing an additional 895,610 shares during the period. Vestal Point Capital LP lifted its holdings in Prime Medicine by 137.8% in the 3rd 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 in the last quarter. Westwood Holdings Group Inc. boosted its position in 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 buying an additional 199,229 shares during the last quarter. Walleye Capital LLC purchased a new position in Prime Medicine in the 3rd quarter valued at about $419,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Prime Medicine during the third quarter valued at about $383,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Stock Down 4.0 %

Shares of Prime Medicine stock opened at $3.15 on Friday. The firm has a market cap of $413.16 million, a PE ratio of -1.54 and a beta of 1.86. Prime Medicine has a fifty-two week low of $2.56 and a fifty-two week high of $9.77. The business’s fifty day moving average is $3.28 and its two-hundred day moving average is $4.07.

Prime Medicine (NYSE:PRME) last released its 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 company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. Equities research analysts anticipate that Prime Medicine will post -1.7 EPS for the current year.

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.