Brokerages Set Prime Medicine, Inc. (NYSE:PRME) PT at $9.21

Prime Medicine, Inc. (NYSE:PRME) has earned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $9.2083.

PRME has been the topic of several research analyst reports. Wedbush restated an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a report on Monday, November 10th. Citigroup reduced their price target on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Finally, Chardan Capital lowered their price objective on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, November 10th.

Prime Medicine Price Performance

Shares of PRME opened at $3.83 on Wednesday. The company has a market capitalization of $690.45 million, a P/E ratio of -1.87 and a beta of 2.64. Prime Medicine has a one year low of $1.11 and a one year high of $6.94. The business’s 50 day simple moving average is $4.86 and its 200-day simple moving average is $3.67.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Keystone Financial Group bought a new position in Prime Medicine in the 3rd quarter valued at $393,000. Woodline Partners LP acquired a new position in shares of Prime Medicine during the third quarter valued at $16,634,000. Polymer Capital Management US LLC bought a new position in Prime Medicine in the third quarter valued at about $115,000. RA Capital Management L.P. bought a new position in Prime Medicine in the third quarter valued at about $16,620,000. Finally, Nomura Holdings Inc. acquired a new stake in Prime Medicine in the third quarter worth about $138,000. 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.