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

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have been given an average recommendation of “Moderate Buy” by the ten analysts that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $7.47.

A number of research firms recently weighed in on PRME. HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of Prime Medicine in a research report on Monday, August 10th. Chardan Capital reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Prime Medicine in a research report on Friday, September 25th. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research note on Monday, June 22nd. New Street Research set a $8.00 target price on shares of Prime Medicine in a research report on Monday, June 29th. Finally, Jefferies Financial Group restated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, September 28th.

Prime Medicine Trading Up 10.4%

Shares of Prime Medicine stock opened at $3.83 on Friday. The stock has a fifty day simple moving average of $3.36 and a 200 day simple moving average of $3.34. Prime Medicine has a 12-month low of $2.67 and a 12-month high of $6.30.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data 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 business had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million. On average, research analysts anticipate that Prime Medicine will post -0.97 earnings per share for the current year.

Institutional Trading of Prime Medicine

A number of hedge funds have recently bought and sold shares of the business. Bank of America Corp DE bought a new position in Prime Medicine during the second quarter valued at about $3,621,000. BlackRock Inc. purchased a new stake in Prime Medicine during the second quarter worth about $35,432,000. Alphabet Inc. purchased a new stake in Prime Medicine during the second quarter worth about $61,116,000. Redmile Group LLC bought a new stake in Prime Medicine in the first quarter worth about $5,536,000. Finally, ADAR1 Capital Management LLC bought a new stake in Prime Medicine in the second quarter worth about $7,371,000. 70.37% of the stock is currently owned by institutional investors.

About Prime Medicine

Prime Medicine, Inc (NASDAQ:PRME) is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.