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

Prime Medicine, Inc. (NYSE:PRME) has been given a consensus rating of “Moderate Buy” by the twelve analysts that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $15.09.

Several brokerages have commented on PRME. Jefferies Financial Group reaffirmed a “buy” rating and set a $15.00 target price (down from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. Chardan Capital initiated coverage on Prime Medicine in a report on Monday, April 22nd. They issued a “buy” rating and a $17.00 target price on the stock. HC Wainwright initiated coverage on shares of Prime Medicine in a report on Monday, May 20th. They set a “buy” rating and a $10.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Finally, TD Cowen started coverage on shares of Prime Medicine in a research note on Monday, April 8th. They set a “buy” rating for the company.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently bought and sold shares of PRME. Vanguard Group Inc. lifted its position in Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. ARK Investment Management LLC raised its holdings in Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after buying an additional 515,841 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Prime Medicine by 13.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after buying an additional 301,431 shares during the period. Redmile Group LLC boosted its position in Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after buying an additional 750,000 shares during the period. Finally, Farallon Capital Management LLC purchased a new position in shares of Prime Medicine in the first quarter valued at about $5,250,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Trading Down 4.8 %

Shares of PRME stock opened at $5.31 on Friday. The firm has a market capitalization of $636.76 million, a price-to-earnings ratio of -2.44 and a beta of 2.25. The business’s 50-day moving average price is $6.36 and its 200-day moving average price is $6.69. Prime Medicine has a 12 month low of $4.11 and a 12 month high of $15.75.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.01. The business had revenue of $0.59 million for the quarter. On average, sell-side analysts predict that Prime Medicine will post -1.64 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.