Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $13.50

Prime Medicine, Inc. (NYSE:PRME) has earned a consensus rating of “Moderate Buy” from the nine analysts that are covering the firm, 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 target among analysts that have updated their coverage on the stock in the last year is $13.50.

A number of brokerages recently weighed in on PRME. Wedbush reaffirmed an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a report on Thursday, August 8th. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, October 2nd.

Prime Medicine Stock Performance

Shares of Prime Medicine stock opened at $4.20 on Tuesday. Prime Medicine has a one year low of $3.28 and a one year high of $9.86. The company has a market cap of $504.13 million, a P/E ratio of -1.94 and a beta of 2.18. The firm has a fifty day moving average of $3.93 and a two-hundred day moving average of $5.14.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). As a group, equities analysts predict that Prime Medicine will post -1.75 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in PRME. ProShare Advisors LLC raised its position in Prime Medicine by 19.8% during the first 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. Squarepoint Ops LLC raised its position in shares of Prime Medicine by 6.5% during the 2nd quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock worth $326,000 after purchasing an additional 3,895 shares during the last quarter. ORG Partners LLC purchased a new stake in Prime Medicine in the 2nd quarter valued at approximately $29,000. National Bank of Canada FI acquired a new stake in Prime Medicine during the 2nd quarter valued at $34,000. Finally, Levin Capital Strategies L.P. grew its holdings in Prime Medicine by 32.5% during the 1st quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock valued at $186,000 after buying an additional 6,500 shares during the last quarter. 70.37% of the stock is 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.