Prime Medicine, Inc. (NYSE:PRME) Receives $13.13 Consensus PT from Analysts

Prime Medicine, Inc. (NYSE:PRME) has been assigned an average recommendation of “Buy” from the ten ratings firms that are covering the firm, Marketbeat.com 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 price objective among brokerages that have issued a report on the stock in the last year is $13.13.

Several equities research analysts have weighed in on PRME shares. Guggenheim reaffirmed a “buy” rating and issued a $18.00 price target on shares of Prime Medicine in a research report on Tuesday, December 3rd. Chardan Capital decreased their price target on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, November 13th. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, JMP Securities began coverage on Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price on the stock.

Prime Medicine Stock Performance

Shares of PRME stock opened at $2.80 on Thursday. Prime Medicine has a fifty-two week low of $2.56 and a fifty-two week high of $9.77. The company has a 50 day moving average price of $3.02 and a 200 day moving average price of $3.76. The stock has a market capitalization of $367.25 million, a P/E ratio of -1.37 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. On average, research analysts forecast that Prime Medicine will post -1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRME. Geode Capital Management LLC increased its position 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 valued at $5,264,000 after acquiring an additional 63,456 shares during the period. Millennium Management LLC raised its stake in shares of Prime Medicine by 205.7% during the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares during the last quarter. State Street Corp lifted its holdings in shares of 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 purchasing an additional 43,086 shares during the period. Vestal Point Capital LP grew its position in Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after buying an additional 620,000 shares during the last quarter. Finally, Greenwich Wealth Management LLC increased its stake in Prime Medicine by 12.3% in the 3rd quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company’s stock valued at $2,837,000 after buying an additional 80,000 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.