Prime Medicine, Inc. (NASDAQ:PRME) Receives $7.65 Consensus Price Target from Brokerages

Prime Medicine, Inc. (NASDAQ:PRME) has received a consensus rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $7.65.

A number of analysts have recently issued reports on PRME shares. Wall Street Zen lowered shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Oppenheimer started coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective on the stock. Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd.

Prime Medicine Stock Down 1.0%

PRME opened at $2.87 on Friday. The firm has a market capitalization of $518.38 million, a P/E ratio of -2.33 and a beta of 2.31. The firm’s 50 day moving average is $3.30 and its 200-day moving average is $3.61. Prime Medicine has a 52-week low of $1.55 and a 52-week high of $6.94.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The firm had revenue of $0.86 million for the quarter. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. Equities analysts expect that Prime Medicine will post -0.98 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning bought a new stake in shares of Prime Medicine in the second quarter worth $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Prime Medicine in the fourth quarter worth $31,000. Royal Bank of Canada increased its stake in shares of Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after buying an additional 4,365 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Prime Medicine in the fourth quarter worth $33,000. Finally, Glen Eagle Advisors LLC bought a new stake in shares of Prime Medicine in the fourth quarter worth $35,000. Institutional investors own 70.37% of the company’s stock.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.