Prime Medicine, Inc. (NYSE:PRME) Receives $12.67 Average Target Price from Brokerages

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned a consensus rating of “Buy” from the eleven research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $12.67.

A number of analysts have recently issued reports on the company. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Guggenheim reaffirmed a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research report on Tuesday, December 3rd. JMP Securities initiated coverage on Prime Medicine in a research note on Tuesday, December 10th. They set an “outperform” rating and a $10.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Thursday, November 14th.

Prime Medicine Stock Performance

Shares of PRME stock opened at $2.88 on Wednesday. The firm has a market capitalization of $377.74 million, a price-to-earnings ratio of -1.40 and a beta of 1.88. Prime Medicine has a one year low of $2.81 and a one year high of $9.86. The company has a 50 day moving average price of $3.66 and a 200 day moving average price of $4.56.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share 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. As a group, equities analysts forecast that Prime Medicine will post -1.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently made changes to their positions in PRME. ARK Investment Management LLC grew its position in Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after purchasing an additional 133,419 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Prime Medicine by 4.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock valued at $5,264,000 after purchasing an additional 63,456 shares during the last quarter. Millennium Management LLC lifted 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 purchasing an additional 895,610 shares during the last quarter. State Street Corp boosted its holdings in shares of Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after buying an additional 43,086 shares during the period. Finally, Vestal Point Capital LP grew its holdings in Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after buying an additional 620,000 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.