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

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned a consensus rating of “Buy” from the ten brokerages that are covering the stock, Marketbeat.com reports. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $13.38.

PRME has been the topic of several research reports. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research report on Wednesday. Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. JMP Securities initiated coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target for the company. StockNews.com raised shares of Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. Finally, Chardan Capital increased their price target on shares of Prime Medicine from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday.

Prime Medicine Price Performance

Prime Medicine stock opened at $2.01 on Friday. The stock has a market cap of $263.63 million, a P/E ratio of -0.98 and a beta of 1.85. Prime Medicine has a 1 year low of $1.65 and a 1 year high of $8.27. The firm’s 50 day moving average price is $2.58 and its 200-day moving average price is $3.21.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the previous year, the company posted ($2.18) EPS. As a group, equities analysts expect that Prime Medicine will post -1.68 EPS for the current year.

Institutional Trading of Prime Medicine

Several institutional investors have recently added to or reduced their stakes in PRME. Vestal Point Capital LP lifted its stake in Prime Medicine by 137.8% in the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after purchasing an additional 620,000 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in Prime Medicine by 96.5% in the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock worth $2,579,000 after purchasing an additional 433,653 shares during the last quarter. Walleye Capital LLC lifted its stake in Prime Medicine by 272.5% in the fourth quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock worth $1,179,000 after purchasing an additional 295,365 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Prime Medicine by 4.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock worth $11,616,000 after purchasing an additional 170,541 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Prime Medicine during the fourth quarter worth approximately $423,000. Institutional investors own 70.37% of the company’s stock.

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.