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 a consensus recommendation of "Buy" by the ten research firms that are currently covering the stock, MarketBeat.com reports. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $13.13.

PRME has been the subject of a number of research reports. HC Wainwright reiterated a "buy" rating and issued a $10.00 price target on shares of Prime Medicine in a research note on Wednesday, November 13th. Guggenheim reiterated a "buy" rating and issued a $18.00 target price on shares of Prime Medicine in a research report on Tuesday, December 3rd. Chardan Capital reduced their price target on Prime Medicine from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, November 13th. Citizens Jmp upgraded shares of Prime Medicine to a "strong-buy" rating in a research report on Tuesday, December 10th. Finally, JMP Securities began coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They set an "outperform" rating and a $10.00 price target for the company.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Prime Medicine by 4.9% during the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company's stock worth $5,264,000 after purchasing an additional 63,456 shares during the period. Millennium Management LLC boosted its holdings in Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company's stock worth $6,841,000 after buying an additional 895,610 shares during the period. State Street Corp grew its stake in Prime Medicine by 3.9% in the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company's stock valued at $4,439,000 after buying an additional 43,086 shares in the last quarter. Vestal Point Capital LP raised its holdings in Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company's stock valued at $4,141,000 after acquiring an additional 620,000 shares during the period. Finally, Greenwich Wealth Management LLC lifted its position in shares of Prime Medicine by 12.3% during the third quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company's stock worth $2,837,000 after acquiring an additional 80,000 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Prime Medicine Price Performance

Prime Medicine stock traded up $0.16 during trading hours on Thursday, hitting $2.91. The company had a trading volume of 391,636 shares, compared to its average volume of 807,836. Prime Medicine has a one year low of $2.56 and a one year high of $9.77. The firm has a market cap of $381.68 million, a PE ratio of -1.42 and a beta of 1.86. The firm has a 50-day moving average of $3.03 and a 200 day moving average of $3.81.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. As a group, research analysts expect that Prime Medicine will post -1.68 earnings per share for the current 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.