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

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

Several analysts have issued reports on the company. JMP Securities assumed coverage on Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price for the company. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Guggenheim reiterated a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a report on Tuesday, December 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th.

Prime Medicine Stock Down 5.4 %

Shares of NYSE:PRME opened at $2.96 on Monday. The business has a fifty day moving average of $2.87 and a two-hundred day moving average of $3.48. The stock has a market cap of $388.24 million, a P/E ratio of -1.44 and a beta of 1.86. Prime Medicine has a 52-week low of $2.25 and a 52-week high of $9.77.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently bought and sold shares of the company. Vestal Point Capital LP boosted its stake in shares of Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after buying an additional 620,000 shares during the period. Barclays PLC boosted its stake in shares of Prime Medicine by 343.3% in the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock valued at $328,000 after buying an additional 65,593 shares during the period. Geode Capital Management LLC lifted its stake in Prime Medicine by 4.9% during the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after purchasing an additional 63,456 shares during the last quarter. State Street Corp lifted its stake in Prime Medicine by 3.9% during the third 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, Intech Investment Management LLC purchased a new stake in Prime Medicine during the third quarter worth approximately $55,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.