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

Prime Medicine, Inc. (NYSE:PRME) has earned a consensus rating of “Buy” from the ten research firms that are presently covering the stock, Marketbeat Ratings reports. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $13.13.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PRME. Millennium Management LLC lifted its position in Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after purchasing an additional 895,610 shares during the period. Vestal Point Capital LP lifted its holdings in shares of Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after buying an additional 620,000 shares during the period. Walleye Capital LLC acquired a new position in Prime Medicine during the third quarter worth $419,000. GSA Capital Partners LLP acquired a new position in Prime Medicine during the third quarter worth $383,000. Finally, Greenwich Wealth Management LLC raised its position in Prime Medicine by 12.3% in the third quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company’s stock worth $2,837,000 after acquiring an additional 80,000 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Stock Down 2.8 %

PRME stock opened at $2.75 on Thursday. The stock has a market cap of $360.69 million, a price-to-earnings ratio of -1.34 and a beta of 1.86. Prime Medicine has a fifty-two week low of $2.56 and a fifty-two week high of $9.77. The business 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 the consensus estimate of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to analyst estimates of $55.00 million. As a group, sell-side analysts anticipate that Prime Medicine will post -1.68 EPS for the current year.

Prime Medicine Company Profile

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.