Prime Medicine, Inc. (NASDAQ:PRME) Receives $7.47 Consensus Price Target from Analysts

Prime Medicine, Inc. (NASDAQ:PRME) has earned an average recommendation of “Moderate Buy” from the nine brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $7.4722.

Several research analysts have commented on the company. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Prime Medicine in a report on Monday, August 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research report on Monday. Finally, The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research note on Monday, June 22nd.

Prime Medicine Price Performance

NASDAQ:PRME opened at $3.71 on Friday. Prime Medicine has a 1 year low of $2.67 and a 1 year high of $6.94. The stock’s fifty day moving average price is $3.39 and its two-hundred day moving average price is $3.43. The company has a market cap of $672.92 million, a P/E ratio of -3.50 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The company had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. On average, analysts expect that Prime Medicine will post -0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PRME. Alphabet Inc. bought a new position in shares of Prime Medicine in the second quarter worth $61,116,000. BlackRock Inc. purchased a new position in Prime Medicine during the second quarter worth about $35,432,000. State Street Corp increased its stake in Prime Medicine by 293.0% in the 4th quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after acquiring an additional 3,798,884 shares during the last quarter. Vanguard Group Inc. increased its stake in Prime Medicine by 35.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock worth $27,267,000 after acquiring an additional 1,294,355 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Prime Medicine by 6,426.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock valued at $10,842,000 after acquiring an additional 3,076,489 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.