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

Prime Medicine, Inc. (NYSE:PRME) has received an average rating of “Buy” from the ten ratings firms that are presently covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $13.38.

Several analysts have recently commented on the company. Guggenheim restated a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. Wedbush reiterated an “outperform” rating and issued a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. JMP Securities initiated coverage on shares of Prime Medicine in a research report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Wednesday, March 19th.

Prime Medicine Stock Down 3.9 %

Prime Medicine stock opened at $1.95 on Friday. Prime Medicine has a 12 month low of $1.65 and a 12 month high of $8.27. The stock has a market cap of $255.76 million, a price-to-earnings ratio of -0.95 and a beta of 1.85. The business has a 50 day moving average price of $2.53 and a two-hundred day moving average price of $3.16.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the prior year, the business posted ($2.18) EPS. On average, analysts expect that Prime Medicine will post -1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP bought a new stake in Prime Medicine during the third quarter valued at $383,000. Intech Investment Management LLC bought a new stake in Prime Medicine in the third quarter worth approximately $55,000. Corsair Capital Management L.P. bought a new stake in Prime Medicine in the third quarter worth approximately $77,000. PEAK6 Investments LLC lifted its stake in Prime Medicine by 32.4% in the third quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock valued at $174,000 after buying an additional 11,013 shares during the period. Finally, Walleye Capital LLC acquired a new stake in shares of Prime Medicine during the 3rd quarter worth approximately $419,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.