Prime Medicine, Inc. (NYSE:PRME) Given Consensus Recommendation of “Moderate Buy” by Analysts

Prime Medicine, Inc. (NYSE:PRME) has been assigned an average rating of “Moderate Buy” from the twelve brokerages that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $15.09.

Several analysts recently weighed in on PRME shares. Wedbush restated an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a report on Tuesday, April 23rd. Chardan Capital started coverage on Prime Medicine in a research note on Monday, April 22nd. They set a “buy” rating and a $17.00 target price for the company. Guggenheim cut their target price on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Tuesday, May 14th. Finally, JPMorgan Chase & Co. lowered their target price on Prime Medicine from $16.00 to $15.00 and set an “overweight” rating for the company in a report on Monday, May 13th.

Prime Medicine Trading Down 1.1 %

Prime Medicine stock opened at $6.28 on Wednesday. The firm has a 50 day moving average of $6.13 and a 200 day moving average of $7.18. The firm has a market capitalization of $753.79 million, a price-to-earnings ratio of -2.89 and a beta of 2.34. Prime Medicine has a 12-month low of $4.11 and a 12-month high of $15.75.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Friday, May 10th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.01. The business had revenue of $0.59 million during the quarter. On average, analysts predict that Prime Medicine will post -1.64 EPS for the current year.

Institutional Trading of Prime Medicine

Institutional investors have recently modified their holdings of the business. Chelsea Counsel Co. raised its holdings in shares of Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after acquiring an additional 4,400 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Prime Medicine in the fourth quarter worth about $90,000. China Universal Asset Management Co. Ltd. purchased a new position in Prime Medicine in the fourth quarter valued at about $100,000. ProShare Advisors LLC boosted its holdings in Prime Medicine by 19.8% in the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares during the last quarter. Finally, Strs Ohio acquired a new stake in Prime Medicine during the fourth quarter valued at approximately $151,000. 70.37% of the stock is currently 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.