Prime Medicine, Inc. (NASDAQ:PRME) Stock Has Average Target Price of $7.47 According to Analysts

Prime Medicine, Inc. (NASDAQ:PRME) has earned an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $7.47.

Several research firms have recently commented on PRME. Jefferies Financial Group reaffirmed a “market outperform” rating on shares of Prime Medicine in a research report on Monday. Wall Street Zen raised shares of Prime Medicine from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. BMO Capital Markets began coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 target price for the company. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research report on Monday, June 22nd. Finally, Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research report on Friday.

Prime Medicine Trading Down 0.7%

Shares of PRME opened at $2.88 on Tuesday. The company has a market cap of $522.37 million, a price-to-earnings ratio of -2.72 and a beta of 2.34. Prime Medicine has a 12 month low of $2.67 and a 12 month high of $6.94. The business’s fifty day simple moving average is $3.24 and its two-hundred day simple moving average is $3.35.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, August 6th. The company reported ($0.24) EPS 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 188.27%. The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. As a group, research analysts forecast that Prime Medicine will post -0.96 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted 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 acquiring an additional 4,365 shares during the period. Glen Eagle Advisors LLC purchased a new position in shares of Prime Medicine in the fourth quarter worth $35,000. Kingsview Wealth Management LLC bought a new position in shares of Prime Medicine during the second quarter worth $37,000. Wealthfront Advisers LLC bought a new position in shares of Prime Medicine during the first quarter worth $36,000. Finally, Syon Capital LLC purchased a new position in Prime Medicine during the second quarter valued at $41,000. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.