Prime Medicine, Inc. (NASDAQ:PRME) Receives $7.53 Consensus Target Price from Analysts

Prime Medicine, Inc. (NASDAQ:PRME) has earned an average rating of “Moderate Buy” from the eight research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $7.5312.

PRME has been the topic of a number of research analyst reports. New Street Research set a $8.00 price target on Prime Medicine in a research report on Monday, June 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research note on Monday, June 22nd. HC Wainwright upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a report on Monday, June 29th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp increased its position in shares of Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after acquiring an additional 3,798,884 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Prime Medicine by 6,426.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock valued at $10,842,000 after purchasing an additional 3,076,489 shares during the last quarter. Woodline Partners LP bought a new position in Prime Medicine in the third quarter valued at approximately $16,634,000. RA Capital Management L.P. bought a new position in Prime Medicine in the third quarter valued at approximately $16,620,000. Finally, UBS Group AG increased its position in shares of Prime Medicine by 700.8% during the 4th quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock worth $8,469,000 after purchasing an additional 2,135,810 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Performance

PRME opened at $3.08 on Monday. The firm has a market cap of $556.31 million, a PE ratio of -2.50 and a beta of 2.31. Prime Medicine has a twelve month low of $2.67 and a twelve month high of $6.94. The firm’s fifty day moving average is $3.29 and its two-hundred day moving average is $3.50.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The business had revenue of $0.86 million during the quarter. Equities analysts forecast that Prime Medicine will post -0.98 EPS for the current fiscal year.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.