Prime Medicine, Inc. (NYSE:PRME) Receives $13.38 Average Price Target from Analysts

Prime Medicine, Inc. (NYSE:PRME) has been assigned an average recommendation of “Buy” from the nine analysts that are presently covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $13.38.

A number of analysts have recently weighed in on PRME shares. Chardan Capital boosted their price objective on shares of Prime Medicine from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, March 20th. Wedbush reissued an “outperform” rating and set a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday, March 19th. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th.

Prime Medicine Price Performance

Shares of NYSE:PRME opened at $1.39 on Tuesday. The stock has a market capitalization of $182.31 million, a P/E ratio of -0.68 and a beta of 1.88. The business has a 50-day moving average of $1.98 and a two-hundred day moving average of $2.83. Prime Medicine has a fifty-two week low of $1.12 and a fifty-two week high of $8.27.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same period in the previous year, the business posted ($2.18) earnings per share. As a group, research analysts expect that Prime Medicine will post -1.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. ProShare Advisors LLC boosted its stake in shares of Prime Medicine by 24.6% in the 4th quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock valued at $65,000 after purchasing an additional 4,375 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Prime Medicine by 20.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock valued at $81,000 after purchasing an additional 4,725 shares in the last quarter. Levin Capital Strategies L.P. raised its position in Prime Medicine by 7.1% in the 4th quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company’s stock valued at $219,000 after purchasing an additional 5,000 shares during the last quarter. Rhumbline Advisers raised its position in Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after purchasing an additional 9,944 shares during the last quarter. Finally, American Century Companies Inc. acquired a new position in Prime Medicine in the fourth quarter worth $33,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.