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

Prime Medicine, Inc. (NYSE:PRME) has received an average recommendation of “Buy” from the ten ratings firms that are currently covering the firm, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $13.13.

A number of analysts have recently issued reports on PRME shares. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th. Guggenheim reissued a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Wednesday, January 15th. Chardan Capital lowered their target price on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Finally, Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Paloma Partners Management Co acquired a new stake in Prime Medicine in the 3rd quarter valued at about $45,000. Nisa Investment Advisors LLC raised its holdings in Prime Medicine by 11,474.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock valued at $37,000 after acquiring an additional 12,507 shares in the last quarter. Intech Investment Management LLC purchased a new position in Prime Medicine in the third quarter worth approximately $55,000. Impact Partnership Wealth LLC acquired a new position in Prime Medicine during the 4th quarter worth approximately $50,000. Finally, Corsair Capital Management L.P. purchased a new stake in shares of Prime Medicine in the 3rd quarter valued at approximately $77,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Performance

NYSE:PRME opened at $2.75 on Thursday. Prime Medicine has a one year low of $2.56 and a one year high of $9.77. The stock has a market cap of $360.69 million, a PE ratio of -1.34 and a beta of 1.86. The stock has a 50 day moving average price of $3.03 and a 200 day moving average price of $3.82.

Prime Medicine (NYSE:PRME) last issued its earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The business had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. As a group, analysts predict that Prime Medicine will post -1.68 earnings per share 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.