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

Prime Medicine, Inc. (NYSE:PRME) has received an average recommendation of “Buy” from the ten brokerages that are covering the stock, Marketbeat.com reports. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $13.13.

PRME has been the topic of a number of recent research reports. Guggenheim reissued a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. Chardan Capital dropped their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. 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. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, November 13th.

Prime Medicine Stock Down 5.4 %

PRME opened at $2.96 on Monday. The firm has a market cap of $388.24 million, a price-to-earnings ratio of -1.44 and a beta of 1.86. The business’s 50 day moving average is $2.87 and its two-hundred day moving average is $3.48. Prime Medicine has a 52 week low of $2.25 and a 52 week high of $9.77.

Institutional Trading of Prime Medicine

A number of institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC boosted its position in Prime Medicine by 24.6% during the fourth quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock worth $65,000 after purchasing an additional 4,375 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Prime Medicine by 20.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock worth $81,000 after purchasing an additional 4,725 shares in the last quarter. Levin Capital Strategies L.P. boosted its position in Prime Medicine by 7.1% during the fourth quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company’s stock worth $219,000 after purchasing an additional 5,000 shares in the last quarter. PEAK6 Investments LLC boosted its position in Prime Medicine by 32.4% during the third quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock worth $174,000 after purchasing an additional 11,013 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in Prime Medicine during the fourth quarter worth $33,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.