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

Prime Medicine, Inc. (NYSE:PRME) has earned an average rating of “Moderate Buy” from the nine ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $13.25.

A number of brokerages have recently commented on PRME. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a research note on Thursday, August 8th. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a report on Wednesday. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Thursday. Finally, Chardan Capital decreased their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday.

Prime Medicine Trading Down 7.0 %

NYSE PRME opened at $3.35 on Friday. Prime Medicine has a 12 month low of $3.28 and a 12 month high of $9.86. The stock has a 50-day simple moving average of $3.88 and a 200 day simple moving average of $5.02. The company has a market capitalization of $438.73 million, a PE ratio of -1.63 and a beta of 2.09.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Barclays PLC increased its position in shares of Prime Medicine by 343.3% during the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after purchasing an additional 65,593 shares during the last quarter. State Street Corp increased its holdings in Prime Medicine by 3.9% during the third quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after buying an additional 43,086 shares during the last quarter. Benjamin Edwards Inc. raised its position in Prime Medicine by 12,371.0% during the third quarter. Benjamin Edwards Inc. now owns 23,196 shares of the company’s stock worth $90,000 after acquiring an additional 23,010 shares in the last quarter. Paloma Partners Management Co acquired a new stake in Prime Medicine in the third quarter valued at $45,000. Finally, Verition Fund Management LLC bought a new position in shares of Prime Medicine in the 3rd quarter valued at about $149,000. Institutional investors and hedge funds 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.