Prime Medicine, Inc. (NYSE:PRME) Receives $12.67 Consensus Price Target from Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned an average rating of “Buy” from the eleven ratings firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $12.67.

Several analysts recently commented on the stock. Chardan Capital cut their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. JMP Securities initiated coverage on shares of Prime Medicine in a research report on Tuesday. They set an “outperform” rating and a $10.00 price target for the company. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Thursday, November 14th.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of PRME. ARK Investment Management LLC grew its position in Prime Medicine by 2.2% in the 2nd quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after acquiring an additional 133,419 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Prime Medicine by 4.9% during the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock valued at $5,264,000 after acquiring an additional 63,456 shares in the last quarter. Millennium Management LLC raised its position in shares of Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after purchasing an additional 895,610 shares during the last quarter. State Street Corp grew its position in Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after purchasing an additional 43,086 shares during the last quarter. Finally, Vestal Point Capital LP grew its position in Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after purchasing an additional 620,000 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Prime Medicine Price Performance

NYSE:PRME opened at $2.88 on Wednesday. Prime Medicine has a one year low of $2.81 and a one year high of $9.86. The company’s 50-day simple moving average is $3.67 and its 200 day simple moving average is $4.60. The firm has a market capitalization of $377.74 million, a P/E ratio of -1.40 and a beta of 1.88.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million. On average, equities research analysts expect that Prime Medicine will post -1.7 earnings per share 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.