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

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) has received an average recommendation of "Buy" from the eleven research firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $12.67.

Several research analysts have commented on the stock. StockNews.com upgraded shares of Prime Medicine to a "sell" rating in a research report on Thursday, November 14th. HC Wainwright reiterated a "buy" rating and set a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, November 13th. JMP Securities assumed coverage on shares of Prime Medicine in a report on Tuesday. They issued an "outperform" rating and a $10.00 target price on the stock. Chardan Capital lowered their target price on Prime Medicine from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, November 13th. Finally, Citizens Jmp upgraded shares of Prime Medicine to a "strong-buy" rating in a report on Tuesday.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently added to or reduced their stakes in PRME. Vestal Point Capital LP increased its holdings in shares of Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company's stock worth $4,141,000 after purchasing an additional 620,000 shares in the last quarter. Millennium Management LLC raised its position in shares of Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company's stock valued at $6,841,000 after purchasing an additional 895,610 shares during the period. Westwood Holdings Group Inc. increased its stake in Prime Medicine by 125.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company's stock worth $1,843,000 after buying an additional 199,229 shares in the last quarter. Intech Investment Management LLC bought a new stake in Prime Medicine during the third quarter valued at about $55,000. Finally, ORG Partners LLC bought a new position in shares of Prime Medicine in the second quarter worth about $29,000. Institutional investors own 70.37% of the company's stock.

Prime Medicine Stock Performance

Shares of PRME stock traded down $0.03 during trading on Wednesday, hitting $3.19. The company had a trading volume of 463,052 shares, compared to its average volume of 997,551. The stock's 50-day moving average price is $3.69 and its 200 day moving average price is $4.65. Prime Medicine has a one year low of $2.85 and a one year high of $9.86. The firm has a market capitalization of $418.40 million, a P/E ratio of -1.57 and a beta of 1.89.

Prime Medicine (NYSE:PRME - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) 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 the consensus estimate of $55.00 million. On average, research analysts anticipate that Prime Medicine will post -1.7 earnings per share 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.