Prime Medicine, Inc. (NYSE:PRME) Given Consensus Recommendation of "Buy" by Analysts

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) has been assigned a consensus rating of "Buy" from the ten research firms that are presently covering the stock, Marketbeat reports. Nine equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $13.38.

PRME has been the topic of a number of recent research reports. Wedbush reaffirmed an "outperform" rating and issued a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. Citizens Jmp raised shares of Prime Medicine to a "strong-buy" rating in a research note on Tuesday, December 10th. Chardan Capital raised their price target 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. Guggenheim reiterated a "buy" rating and set a $18.00 price target on shares of Prime Medicine in a report on Tuesday, December 3rd. Finally, StockNews.com raised shares of Prime Medicine to a "sell" rating in a research note on Tuesday, February 11th.

Prime Medicine Price Performance

Shares of NYSE PRME traded down $0.08 during trading on Friday, hitting $1.95. 751,696 shares of the company were exchanged, compared to its average volume of 1,115,513. Prime Medicine has a 1 year low of $1.65 and a 1 year high of $8.27. The firm's fifty day moving average price is $2.54 and its 200 day moving average price is $3.17. The company has a market cap of $255.76 million, a price-to-earnings ratio of -0.95 and a beta of 1.85.

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Prime Medicine (NYSE:PRME - Get Free Report) last posted its earnings results on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same period in the prior year, the firm posted ($2.18) earnings per share. On average, research analysts forecast that Prime Medicine will post -1.68 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently bought and sold shares of PRME. American Century Companies Inc. purchased a new stake in shares of Prime Medicine during the fourth quarter valued at approximately $33,000. Paloma Partners Management Co acquired a new stake in Prime Medicine during the 3rd quarter valued at $45,000. Nisa Investment Advisors LLC increased its stake in Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company's stock worth $37,000 after buying an additional 12,507 shares during the period. Intech Investment Management LLC acquired a new position in Prime Medicine in the 3rd quarter worth $55,000. Finally, XTX Topco Ltd purchased a new position in Prime Medicine in the 4th quarter valued at about $42,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.