Prime Medicine, Inc. (NYSE:PRME) Receives $12.67 Average PT from Brokerages

Prime Medicine, Inc. (NYSE:PRME) has been given a consensus recommendation of “Buy” by the eleven ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $12.67.

A number of analysts have commented on the stock. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Monday, January 6th. 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 target price on the stock. Guggenheim reiterated a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a research note on Tuesday, December 3rd. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, November 13th. Finally, Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th.

Prime Medicine Trading Down 6.7 %

Shares of NYSE PRME opened at $2.94 on Friday. The firm has a market capitalization of $385.61 million, a P/E ratio of -1.43 and a beta of 1.86. The firm’s 50-day moving average price is $3.26 and its 200-day moving average price is $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 (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The business had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. Equities research analysts forecast that Prime Medicine will post -1.7 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in PRME. Bank of New York Mellon Corp raised its position in Prime Medicine by 61.0% in the second quarter. Bank of New York Mellon Corp now owns 170,563 shares of the company’s stock worth $877,000 after acquiring an additional 64,600 shares during the period. Rhumbline Advisers grew its holdings in Prime Medicine by 33.5% during the second quarter. Rhumbline Advisers now owns 70,107 shares of the company’s stock valued at $360,000 after purchasing an additional 17,595 shares during the period. National Bank of Canada FI purchased a new stake in Prime Medicine in the second quarter worth $34,000. Greenwich Wealth Management LLC raised its stake in shares of Prime Medicine by 13.0% in the second quarter. Greenwich Wealth Management LLC now owns 653,001 shares of the company’s stock valued at $3,356,000 after buying an additional 75,000 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its position in shares of Prime Medicine by 5,831.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 25,326 shares of the company’s stock valued at $130,000 after buying an additional 24,899 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.