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

Shares of Prime Medicine, Inc. (NYSE:PRME) have been assigned an average rating of “Buy” from the seven research firms that are covering the stock, Marketbeat.com reports. Six 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 price target among brokerages that have issued a report on the stock in the last year is $12.83.

Several analysts have commented on PRME shares. Chardan Capital lifted their price objective on shares of Prime Medicine from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, March 20th. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research note on Wednesday, March 19th. Finally, Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently bought and sold shares of the company. American Century Companies Inc. purchased a new stake in shares of Prime Medicine in the fourth quarter valued at about $33,000. Nisa Investment Advisors LLC increased its stake in Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after buying an additional 12,507 shares during the period. CWM LLC boosted its stake in shares of Prime Medicine by 741.5% during the 1st quarter. CWM LLC now owns 20,466 shares of the company’s stock valued at $41,000 after buying an additional 18,034 shares during the last quarter. XTX Topco Ltd bought a new stake in Prime Medicine in the fourth quarter valued at about $42,000. Finally, AXQ Capital LP bought a new position in shares of Prime Medicine in the 4th quarter worth about $45,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Price Performance

NYSE:PRME opened at $1.21 on Friday. The firm has a market cap of $158.70 million, a PE ratio of -0.59 and a beta of 1.90. The company has a 50-day moving average of $1.60 and a 200 day moving average of $2.56. Prime Medicine has a 1-year low of $1.12 and a 1-year high of $8.27.

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

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.