Prime Medicine, Inc. (NYSE:PRME) Receives Average Rating of “Buy” from Analysts

Prime Medicine, Inc. (NYSE:PRME) has been given an average recommendation of “Buy” by the eleven brokerages that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $12.67.

PRME has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research report on Thursday, November 14th. Chardan Capital cut their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. JMP Securities began coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price objective on the stock. Finally, Guggenheim restated a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a report on Tuesday, December 3rd.

Institutional Trading of Prime Medicine

Hedge funds have recently bought and sold shares of the company. ORG Partners LLC purchased a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $29,000. Nisa Investment Advisors LLC raised its stake in Prime Medicine by 22,652.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after purchasing an additional 7,702 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Prime Medicine by 61.0% in the second quarter. Bank of New York Mellon Corp now owns 170,563 shares of the company’s stock valued at $877,000 after purchasing an additional 64,600 shares in the last quarter. ARK Investment Management LLC boosted its position in shares of Prime Medicine by 2.2% in the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock worth $31,492,000 after buying an additional 133,419 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Prime Medicine during the second quarter valued at $97,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Trading Down 3.0 %

Shares of NYSE PRME opened at $2.91 on Wednesday. Prime Medicine has a 12-month low of $2.81 and a 12-month high of $9.80. The company has a market cap of $381.68 million, a PE ratio of -1.42 and a beta of 1.88. The stock has a 50 day simple moving average of $3.63 and a 200-day simple moving average of $4.49.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (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 the consensus estimate of $55.00 million. Sell-side analysts forecast that Prime Medicine will post -1.7 earnings per share for the current fiscal year.

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.