Prime Medicine, Inc. (NYSE:PRME) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned a consensus recommendation of “Buy” from the ten analysts that are covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $13.13.

PRME has been the topic of several recent analyst reports. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Guggenheim reissued a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. Wedbush reissued an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a research note on Friday. Finally, JMP Securities initiated coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price objective on the stock.

Prime Medicine Price Performance

Shares of PRME stock opened at $2.52 on Monday. The stock’s fifty day simple moving average is $2.85 and its 200 day simple moving average is $3.43. The firm has a market cap of $330.53 million, a price-to-earnings ratio of -1.23 and a beta of 1.86. Prime Medicine has a one year low of $2.25 and a one year high of $9.62.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. lifted its stake in shares of Prime Medicine by 4.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock valued at $11,616,000 after acquiring an additional 170,541 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Prime Medicine by 2.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company’s stock valued at $4,628,000 after acquiring an additional 38,515 shares during the period. Geode Capital Management LLC lifted its stake in shares of Prime Medicine by 7.9% during the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company’s stock valued at $4,287,000 after acquiring an additional 107,627 shares during the period. State Street Corp increased its holdings in Prime Medicine by 3.9% in the third quarter. State Street Corp now owns 1,146,949 shares of the company’s stock valued at $4,439,000 after purchasing an additional 43,086 shares during the last quarter. Finally, Vestal Point Capital LP increased its holdings 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 valued at $4,141,000 after purchasing an additional 620,000 shares during the last quarter. Institutional investors and hedge funds 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.