Analysts Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $13.38

Prime Medicine, Inc. (NYSE:PRME) has been given a consensus rating of “Buy” by the ten analysts that are currently covering the stock, Marketbeat reports. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $13.38.

A number of analysts have commented on the stock. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. HC Wainwright reissued a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, March 19th. Guggenheim reaffirmed a “buy” rating and issued a $18.00 price target on shares of Prime Medicine in a research report on Tuesday, December 3rd. Chardan Capital boosted their price objective on Prime Medicine from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, March 20th. Finally, Wedbush reaffirmed an “outperform” rating and set a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th.

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $1.95 on Friday. The business has a 50-day simple moving average of $2.53 and a 200 day simple moving average of $3.16. Prime Medicine has a one year low of $1.65 and a one year high of $8.27. The firm has a market capitalization of $255.76 million, a price-to-earnings ratio of -0.95 and a beta of 1.85.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same quarter in the previous year, the company posted ($2.18) earnings per share. On average, sell-side analysts expect that Prime Medicine will post -1.68 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vestal Point Capital LP raised 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 valued at $4,141,000 after buying an additional 620,000 shares during the period. Westwood Holdings Group Inc. increased its holdings in Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock worth $2,579,000 after acquiring an additional 433,653 shares during the last quarter. Walleye Capital LLC raised its stake in Prime Medicine by 272.5% in the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock valued at $1,179,000 after acquiring an additional 295,365 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Prime Medicine by 4.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock valued at $11,616,000 after purchasing an additional 170,541 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Prime Medicine during the fourth quarter worth about $423,000. Institutional investors 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.