Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $13.50

Prime Medicine, Inc. (NYSE:PRME) has earned an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $13.50.

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

Hedge Funds Weigh In On Prime Medicine

Large investors have recently bought and sold shares of the company. ARK Investment Management LLC increased its stake in shares of Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock worth $31,492,000 after acquiring an additional 133,419 shares during the period. Vanguard Group Inc. increased its position 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 period. Price T Rowe Associates Inc. MD increased its position in Prime Medicine by 13.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares during the period. Redmile Group LLC raised its stake in shares of Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after buying an additional 750,000 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after buying an additional 895,610 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Stock Performance

PRME opened at $4.21 on Tuesday. Prime Medicine has a one year low of $3.28 and a one year high of $9.86. The company has a market cap of $505.33 million, a P/E ratio of -1.95 and a beta of 2.18. The business’s 50-day simple moving average is $3.92 and its 200-day simple moving average is $5.10.

Prime Medicine (NYSE:PRME) last released 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). As a group, analysts predict that Prime Medicine will post -1.75 earnings per share for the current fiscal 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.