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

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

A number of equities research analysts have recently commented on the stock. Guggenheim reaffirmed a "buy" rating and set a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. JMP Securities assumed coverage on shares of Prime Medicine in a research report on Tuesday, December 10th. They set an "outperform" rating and a $10.00 price target on the stock. Chardan Capital decreased their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, November 13th. Citizens Jmp raised shares of Prime Medicine to a "strong-buy" rating in a research note on Tuesday, December 10th. Finally, StockNews.com upgraded Prime Medicine to a "sell" rating in a research note on Tuesday, December 24th.

Prime Medicine Stock Performance

Shares of Prime Medicine stock traded up $0.36 during trading on Friday, hitting $3.35. 748,129 shares of the company's stock were exchanged, compared to its average volume of 915,164. Prime Medicine has a 52-week low of $2.56 and a 52-week high of $9.77. The stock has a market capitalization of $439.39 million, a price-to-earnings ratio of -1.63 and a beta of 1.86. The business has a 50-day simple moving average of $3.35 and a 200-day simple moving average of $4.14.

Prime Medicine (NYSE:PRME - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. On average, equities analysts anticipate that Prime Medicine will post -1.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRME. Millennium Management LLC raised its stake in Prime Medicine by 205.7% during the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company's stock worth $6,841,000 after purchasing an additional 895,610 shares during the period. Vestal Point Capital LP increased its holdings in shares of Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company's stock worth $4,141,000 after buying an additional 620,000 shares during the last quarter. Westwood Holdings Group Inc. raised its position in shares of Prime Medicine by 125.0% during the 2nd quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company's stock valued at $1,843,000 after buying an additional 199,229 shares during the period. Walleye Capital LLC acquired a new position in Prime Medicine in the third quarter valued at approximately $419,000. Finally, GSA Capital Partners LLP purchased a new position in Prime Medicine in the third quarter worth approximately $383,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.