Prime Medicine, Inc. (NYSE:PRME) Receives $13.25 Consensus Target Price from Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) have earned a consensus rating of "Moderate Buy" from the nine analysts that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $13.25.

A number of research analysts recently commented on PRME shares. Wedbush reaffirmed an "outperform" rating and issued a $12.00 price target on shares of Prime Medicine in a research note on Thursday, August 8th. StockNews.com upgraded shares of Prime Medicine to a "sell" rating in a research report on Thursday. HC Wainwright reiterated a "buy" rating and set a $10.00 price target on shares of Prime Medicine in a research report on Wednesday. Finally, Chardan Capital decreased 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.

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of PRME. Vanguard Group Inc. grew its stake in shares of Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company's stock worth $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. Millennium Management LLC grew its position in shares of Prime Medicine by 205.7% in 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. Farallon Capital Management LLC acquired a new stake in shares of Prime Medicine in the first quarter valued at about $5,250,000. Redmile Group LLC raised its position in shares of Prime Medicine by 56.6% during the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company's stock worth $14,520,000 after acquiring an additional 750,000 shares during the last quarter. Finally, Vestal Point Capital LP lifted its stake in shares of Prime Medicine by 137.8% in the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company's stock worth $4,141,000 after acquiring an additional 620,000 shares during the period. Institutional investors own 70.37% of the company's stock.

Prime Medicine Trading Down 7.0 %

NYSE PRME traded down $0.25 during trading on Friday, reaching $3.35. The company's stock had a trading volume of 1,403,040 shares, compared to its average volume of 982,799. Prime Medicine has a 12 month low of $3.28 and a 12 month high of $9.86. The firm has a 50 day moving average price of $3.88 and a 200 day moving average price of $5.01. The firm has a market capitalization of $438.73 million, a price-to-earnings ratio of -1.63 and a beta of 2.09.

Prime Medicine (NYSE:PRME - Get Free Report) last issued its quarterly 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 company had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. On average, equities analysts forecast that Prime Medicine will post -1.75 EPS for the current fiscal year.

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.