Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $13.50

Shares of Prime Medicine, Inc. (NYSE:PRME) have been given a consensus recommendation of “Moderate Buy” by the nine research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $13.50.

PRME has been the topic of a number of recent analyst reports. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a report on Thursday, August 8th. Finally, HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, October 2nd.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently modified their holdings of PRME. ORG Partners LLC acquired a new stake in Prime Medicine during the 2nd quarter worth $29,000. National Bank of Canada FI purchased a new position in shares of Prime Medicine during the second quarter worth about $34,000. Nisa Investment Advisors LLC increased its position in Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares during the period. ProShare Advisors LLC increased its position in Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after acquiring an additional 2,520 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in Prime Medicine during the 2nd quarter valued at approximately $97,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Stock Up 5.3 %

Shares of NYSE:PRME opened at $4.20 on Tuesday. Prime Medicine has a fifty-two week low of $3.28 and a fifty-two week high of $9.86. The stock has a market cap of $504.13 million, a price-to-earnings ratio of -1.94 and a beta of 2.18. The firm’s 50 day moving average price is $3.93 and its 200 day moving average price is $5.14.

Prime Medicine (NYSE:PRME) last issued its earnings results on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). On average, equities analysts anticipate that Prime Medicine will post -1.75 EPS for the current 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.