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

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) have been given an average rating of "Buy" by the nine analysts that are currently covering the firm, MarketBeat reports. Eight analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $13.38.

Several brokerages have recently commented on PRME. Chardan Capital increased their target price on Prime Medicine from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, March 20th. StockNews.com raised Prime Medicine to a "sell" rating in a research note on Tuesday, February 11th. HC Wainwright reiterated a "buy" rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, March 19th. Finally, Wedbush restated an "outperform" rating and set a $13.00 target price (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th.

Hedge Funds Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the company. ProShare Advisors LLC grew its stake in Prime Medicine by 24.6% in the fourth quarter. ProShare Advisors LLC now owns 22,186 shares of the company's stock valued at $65,000 after acquiring an additional 4,375 shares during the period. China Universal Asset Management Co. Ltd. lifted its position 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 worth $81,000 after buying an additional 4,725 shares in the last quarter. Levin Capital Strategies L.P. boosted its position in Prime Medicine by 7.1% during the fourth 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 boosted its holdings in shares of 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 buying an additional 9,944 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in shares of Prime Medicine in the 4th quarter valued at about $33,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Price Performance

PRME remained flat at $1.24 during trading on Tuesday. 457,778 shares of the company's stock were exchanged, compared to its average volume of 1,184,212. Prime Medicine has a 1 year low of $1.12 and a 1 year high of $8.27. The company has a market cap of $162.64 million, a P/E ratio of -0.60 and a beta of 1.88. The firm has a fifty day moving average of $2.00 and a 200 day moving average of $2.85.

Prime Medicine (NYSE:PRME - Get Free Report) last posted its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same quarter last year, the company earned ($2.18) EPS. Sell-side analysts anticipate that Prime Medicine will post -1.68 earnings per share for the current fiscal year.

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.