Prime Medicine, Inc. (NYSE:PRME) Receives Consensus Recommendation of “Buy” from Brokerages

Prime Medicine, Inc. (NYSE:PRME) has been given a consensus recommendation of “Buy” by the eleven ratings firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $12.67.

PRME has been the subject of a number of research reports. Guggenheim reaffirmed a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research note on Wednesday, November 13th. StockNews.com raised Prime Medicine to a “sell” rating in a report on Monday. Finally, Chardan Capital dropped their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th.

Prime Medicine Stock Performance

Prime Medicine stock opened at $3.15 on Friday. The stock has a 50-day simple moving average of $3.28 and a 200-day simple moving average of $4.07. The company has a market capitalization of $413.16 million, a P/E ratio of -1.54 and a beta of 1.86. Prime Medicine has a fifty-two week low of $2.56 and a fifty-two week high of $9.77.

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 the consensus estimate 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. As a group, analysts forecast that Prime Medicine will post -1.7 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vestal Point Capital LP increased its stake in shares of Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after purchasing an additional 620,000 shares in the last quarter. Millennium Management LLC grew its holdings in Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after buying an additional 895,610 shares during the last quarter. Westwood Holdings Group Inc. increased its position in Prime Medicine by 125.0% during the second quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company’s stock worth $1,843,000 after buying an additional 199,229 shares in the last quarter. Barclays PLC raised its holdings in shares of Prime Medicine by 343.3% in the third quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after acquiring an additional 65,593 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Prime Medicine by 4.9% in the third 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 in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

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.