Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Target Price at $13.25

Shares of Prime Medicine, Inc. (NYSE:PRME) have been assigned a consensus recommendation of “Moderate Buy” from the nine analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $13.25.

Several equities research analysts have commented on PRME shares. Wedbush reaffirmed an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. Chardan Capital dropped their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Thursday, November 14th. Finally, HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th.

Prime Medicine Stock Down 4.9 %

PRME stock opened at $3.18 on Friday. Prime Medicine has a twelve month low of $3.14 and a twelve month high of $9.86. The company has a market cap of $417.09 million, a P/E ratio of -1.63 and a beta of 2.09. The business has a fifty day moving average of $3.88 and a 200-day moving average of $5.01.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The company had revenue of $0.21 million for the quarter, compared to analyst estimates of $55.00 million. As a group, equities research analysts anticipate that Prime Medicine will post -1.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently bought and sold shares of the company. ProShare Advisors LLC increased its holdings in shares of Prime Medicine by 19.8% during the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after acquiring an additional 2,520 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in shares of Prime Medicine in the first quarter valued at about $1,115,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Prime Medicine by 13.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after buying an additional 301,431 shares during the last quarter. Finally, Redmile Group LLC boosted its holdings in shares of Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after buying an additional 750,000 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.