Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Target Price at $13.25

Prime Medicine, Inc. (NYSE:PRME) has received an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $13.25.

Several analysts recently issued reports on the company. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Wednesday, November 13th. Chardan Capital cut their price target on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Finally, Wedbush reiterated an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th.

Prime Medicine Trading Down 5.7 %

Shares of PRME stock opened at $2.99 on Friday. The company has a market capitalization of $392.17 million, a price-to-earnings ratio of -1.46 and a beta of 2.09. The firm has a 50-day moving average price of $3.85 and a 200 day moving average price of $4.97. Prime Medicine has a twelve month low of $2.90 and a twelve month high of $9.86.

Prime Medicine (NYSE:PRME) last released its earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. As a group, research analysts predict that Prime Medicine will post -1.71 earnings per share for the current year.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently modified their holdings of the company. Westwood Holdings Group Inc. bought a new stake in shares of Prime Medicine in the 1st quarter worth approximately $1,115,000. Vanguard Group Inc. raised its position in 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Prime Medicine by 13.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares during the period. Millennium Management LLC boosted its holdings in Prime Medicine by 205.7% during the second 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 in the last quarter. Finally, ORG Partners LLC acquired a new position in shares of Prime Medicine in the 2nd quarter worth approximately $29,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.