Prime Medicine, Inc. (NYSE:PRME) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Prime Medicine, Inc. (NYSE:PRME) have been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $15.09.

Several research analysts have recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Tuesday, April 23rd. Jefferies Financial Group restated a “buy” rating and issued a $15.00 target price (down from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. HC Wainwright assumed coverage on shares of Prime Medicine in a research note on Monday, May 20th. They issued a “buy” rating and a $10.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Finally, Citigroup upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Thursday, May 16th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRME. Vanguard Group Inc. lifted its position in shares of Prime Medicine by 43.1% in the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after buying an additional 1,746,534 shares during the last quarter. Redmile Group LLC increased its holdings in shares of Prime Medicine by 56.6% in the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after acquiring an additional 750,000 shares during the period. Farallon Capital Management LLC acquired a new stake in shares of Prime Medicine in the 1st quarter worth about $5,250,000. ARK Investment Management LLC increased its holdings in shares of Prime Medicine by 19.7% in the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after acquiring an additional 515,841 shares during the period. Finally, Bollard Group LLC acquired a new stake in shares of Prime Medicine in the 4th quarter worth about $3,200,000. 70.37% of the stock is currently owned by institutional investors.

Prime Medicine Stock Down 0.2 %

Prime Medicine stock opened at $6.93 on Friday. Prime Medicine has a 52-week low of $4.11 and a 52-week high of $17.20. The firm has a fifty day moving average of $6.05 and a 200-day moving average of $7.20. The firm has a market capitalization of $831.21 million, a P/E ratio of -3.19 and a beta of 2.07.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.08). On average, research analysts expect that Prime Medicine will post -1.64 EPS for the current fiscal year.

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.