Brokerages Set Prime Medicine, Inc. (NASDAQ:PRME) Target Price at $7.53

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have been assigned an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $7.5312.

A number of analysts have commented on PRME shares. HC Wainwright raised shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price for the company in a report on Monday, June 29th. Wall Street Zen raised Prime Medicine from a “strong sell” rating to a “sell” rating in a research note on Saturday. New Street Research set a $8.00 price target on Prime Medicine in a research report on Monday, June 29th. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd.

Prime Medicine Trading Up 4.4%

Shares of NASDAQ PRME opened at $3.08 on Monday. The firm has a market capitalization of $556.31 million, a PE ratio of -2.91 and a beta of 2.31. Prime Medicine has a 1 year low of $2.67 and a 1 year high of $6.94. The firm’s 50-day moving average is $3.28 and its 200-day moving average is $3.49.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 156.84%. The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. As a group, equities research analysts anticipate that Prime Medicine will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently modified their holdings of PRME. Alphabet Inc. bought a new stake in Prime Medicine in the 2nd quarter valued at $61,116,000. BlackRock Inc. acquired a new position in Prime Medicine in the 2nd quarter worth $35,432,000. State Street Corp lifted its holdings in shares of Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after purchasing an additional 3,798,884 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of Prime Medicine by 6,426.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock valued at $10,842,000 after purchasing an additional 3,076,489 shares in the last quarter. Finally, Woodline Partners LP acquired a new position in shares of Prime Medicine during the third quarter worth about $16,634,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Company Profile

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.