Analysts Set Prime Medicine, Inc. (NASDAQ:PRME) Target Price at $7.47

Prime Medicine, Inc. (NASDAQ:PRME) has received a consensus recommendation of “Moderate Buy” from the nine analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $7.4722.

A number of research firms recently weighed in on PRME. BMO Capital Markets began coverage on Prime Medicine in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 target price for the company. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen upgraded shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, August 10th.

Prime Medicine Price Performance

Shares of PRME opened at $3.61 on Friday. Prime Medicine has a twelve month low of $2.67 and a twelve month high of $6.94. The stock has a market cap of $654.77 million, a PE ratio of -3.41 and a beta of 2.31. The business’s 50-day moving average price is $3.36 and its 200-day moving average price is $3.42.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting analysts’ consensus estimates of ($0.24). The company had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Analysts expect that Prime Medicine will post -0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System lifted its stake in shares of Prime Medicine by 570.2% in the 2nd quarter. California State Teachers Retirement System now owns 579,511 shares of the company’s stock valued at $2,138,000 after acquiring an additional 493,038 shares during the last quarter. Syon Capital LLC bought a new position in Prime Medicine during the 2nd quarter worth approximately $41,000. Concurrent Investment Advisors LLC increased its stake in Prime Medicine by 77.6% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock worth $486,000 after purchasing an additional 57,545 shares during the period. Wellington Management Group LLP purchased a new position in Prime Medicine in the 2nd quarter worth approximately $1,123,000. Finally, Kingsview Wealth Management LLC bought a new stake in Prime Medicine in the second quarter valued at approximately $37,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Company Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.