Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Target Price at $13.13

Prime Medicine, Inc. (NYSE:PRME) has received a consensus recommendation of “Buy” from the ten ratings firms that are presently covering the stock, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation 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.

PRME has been the subject of several recent analyst reports. Chardan Capital lowered their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Wednesday, January 15th. Guggenheim restated a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a research note on Tuesday, December 3rd. HC Wainwright reiterated a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. Finally, JMP Securities initiated coverage on Prime Medicine in a research report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price on the stock.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRME. Geode Capital Management LLC boosted its stake in shares of Prime Medicine by 4.9% in the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after buying an additional 63,456 shares during the last quarter. Millennium Management LLC lifted its holdings in Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after acquiring an additional 895,610 shares during the period. State Street Corp boosted its position in Prime Medicine by 3.9% in 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 in the last quarter. Vestal Point Capital LP grew its stake in shares of 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 period. Finally, Greenwich Wealth Management LLC increased its holdings in shares of Prime Medicine by 12.3% during the 3rd quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company’s stock valued at $2,837,000 after purchasing an additional 80,000 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Up 3.5 %

NYSE:PRME opened at $2.68 on Thursday. The stock has a market capitalization of $351.51 million, a price-to-earnings ratio of -1.31 and a beta of 1.86. Prime Medicine has a 52 week low of $2.53 and a 52 week high of $9.77. The firm has a 50 day moving average of $2.99 and a 200 day moving average of $3.70.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. As a group, analysts expect that Prime Medicine will post -1.68 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.