Prime Medicine, Inc. (NASDAQ:PRME) Stock Rated “Moderate Buy” by Sell-Side Analysts

Prime Medicine, Inc. (NASDAQ:PRME) has been assigned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $7.47.

A number of equities research analysts have recently issued reports on PRME shares. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. BMO Capital Markets began coverage on Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price target for the company. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research note on Friday, September 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. Finally, Jefferies Financial Group reissued a “market outperform” rating on shares of Prime Medicine in a research note on Monday, September 28th.

Prime Medicine Trading Down 2.8%

Shares of NASDAQ:PRME opened at $3.81 on Friday. The business has a 50-day moving average price of $3.38 and a 200 day moving average price of $3.34. The company has a market capitalization of $691.05 million, a price-to-earnings ratio of -3.59 and a beta of 2.37. Prime Medicine has a 12-month low of $2.67 and a 12-month high of $5.63.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting analysts’ consensus estimates of ($0.24). The company had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. As a group, equities research analysts predict that Prime Medicine will post -0.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its stake in shares of Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after purchasing an additional 4,365 shares during the period. Kingsview Wealth Management LLC purchased a new stake in shares of Prime Medicine during the second quarter worth $37,000. Wealthfront Advisers LLC purchased a new stake in shares of Prime Medicine during the first quarter worth $36,000. Syon Capital LLC acquired a new stake in shares of Prime Medicine in the second quarter valued at $41,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Prime Medicine in the first quarter valued at $41,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc (NASDAQ:PRME) is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.