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

Prime Medicine, Inc. (NYSE:PRME) has earned an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $15.09.

A number of research firms have recently commented on PRME. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Friday. Citigroup raised shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Thursday, May 16th. JPMorgan Chase & Co. reduced their target price on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Monday, May 13th. Chardan Capital began coverage on shares of Prime Medicine in a research report on Monday, April 22nd. They set a “buy” rating and a $17.00 target price on the stock. Finally, StockNews.com raised shares of Prime Medicine to a “sell” rating in a report on Wednesday, August 7th.

Prime Medicine Stock Down 1.7 %

PRME opened at $4.13 on Thursday. Prime Medicine has a 52-week low of $3.99 and a 52-week high of $13.60. The company has a 50 day moving average of $5.82 and a two-hundred day moving average of $6.40. The company has a market cap of $495.13 million, a P/E ratio of -1.90 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.06). Research analysts anticipate that Prime Medicine will post -1.64 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently modified their holdings of the company. ORG Partners LLC bought a new position in Prime Medicine in the 2nd quarter valued at about $29,000. National Bank of Canada FI bought a new position in Prime Medicine in the 2nd quarter valued at about $34,000. Nisa Investment Advisors LLC grew 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 buying an additional 7,702 shares in the last quarter. Chelsea Counsel Co. grew its position in Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after buying an additional 4,400 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Prime Medicine in the 4th quarter valued at about $90,000. Institutional investors own 70.37% of the company’s stock.

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.