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

Shares of Prime Medicine, Inc. (NYSE:PRME) have received a consensus rating of “Buy” from the eight ratings firms that are covering the firm, Marketbeat Ratings reports. Seven analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $13.14.

A number of brokerages recently issued reports on PRME. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. Chardan Capital lifted their price objective on shares of Prime Medicine from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, March 20th. HC Wainwright restated a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a report on Wednesday, March 19th. Finally, Wedbush reiterated an “outperform” rating and set a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th.

Prime Medicine Trading Down 1.5 %

Shares of NYSE PRME opened at $1.30 on Friday. The firm has a market capitalization of $170.51 million, a P/E ratio of -0.63 and a beta of 1.90. The firm’s 50-day moving average price is $1.66 and its 200-day moving average price is $2.64. Prime Medicine has a 1-year low of $1.12 and a 1-year high of $8.27.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same period last year, the business earned ($2.18) earnings per share. Equities research analysts forecast that Prime Medicine will post -1.68 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors have recently added to or reduced their stakes in PRME. American Century Companies Inc. purchased a new position in shares of Prime Medicine in the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC boosted its position 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 worth $37,000 after purchasing an additional 12,507 shares during the last quarter. CWM LLC boosted its position in Prime Medicine by 741.5% in the first quarter. CWM LLC now owns 20,466 shares of the company’s stock worth $41,000 after purchasing an additional 18,034 shares during the last quarter. XTX Topco Ltd bought a new position in Prime Medicine in the 4th quarter valued at $42,000. Finally, AXQ Capital LP purchased a new stake in shares of Prime Medicine during the 4th quarter valued at $45,000. 70.37% of the stock is owned by institutional investors.

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.