Analysts Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $12.67

Prime Medicine, Inc. (NYSE:PRME) has received a consensus recommendation of “Buy” from the eleven ratings firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $12.67.

Several equities research analysts have weighed in on PRME shares. JMP Securities started coverage on Prime Medicine in a report on Tuesday. They set an “outperform” rating and a $10.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, November 13th. Chardan Capital lowered their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. StockNews.com raised Prime Medicine to a “sell” rating in a report on Thursday, November 14th. Finally, Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a report on Tuesday.

Prime Medicine Trading Down 4.3 %

NYSE:PRME opened at $2.88 on Wednesday. The company has a market cap of $377.74 million, a P/E ratio of -1.40 and a beta of 1.88. Prime Medicine has a twelve month low of $2.81 and a twelve month high of $9.86. The company’s 50-day moving average price is $3.67 and its 200-day moving average price is $4.60.

Prime Medicine (NYSE:PRME) last posted its earnings results 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 business had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. On average, analysts expect that Prime Medicine will post -1.7 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRME. ARK Investment Management LLC increased its position in shares of Prime Medicine by 2.2% in the 2nd quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock worth $31,492,000 after purchasing an additional 133,419 shares during the last quarter. Geode Capital Management LLC grew its holdings in Prime Medicine by 4.9% in the 3rd 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 in the last quarter. Millennium Management LLC lifted its holdings in Prime Medicine by 205.7% in the 2nd 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 last quarter. State Street Corp boosted its stake in shares of Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after acquiring an additional 43,086 shares in the last quarter. Finally, Vestal Point Capital LP raised its stake in Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after purchasing an additional 620,000 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

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.