Prime Medicine, Inc. (NYSE:PRME) Receives $14.11 Consensus Target Price from Analysts

Prime Medicine, Inc. (NYSE:PRME) has earned an average rating of “Moderate Buy” from the ten research firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and nine have issued a 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 $14.11.

A number of research firms have recently commented on PRME. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research note on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a research note on Thursday, August 8th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRME. ARK Investment Management LLC boosted its stake in Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after buying an additional 133,419 shares during the period. Vanguard Group Inc. grew its holdings in shares of Prime Medicine by 43.1% during the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after purchasing an additional 1,746,534 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares during the last quarter. Redmile Group LLC raised its stake in Prime Medicine by 56.6% in the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after purchasing an additional 750,000 shares in the last quarter. Finally, Millennium Management LLC lifted its position in Prime Medicine by 205.7% during 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 last quarter. 70.37% of the stock is owned by institutional investors.

Prime Medicine Price Performance

PRME opened at $3.41 on Friday. The firm’s fifty day moving average price is $4.19 and its two-hundred day moving average price is $5.43. The company has a market capitalization of $409.30 million, a price-to-earnings ratio of -1.57 and a beta of 2.18. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86.

Prime Medicine (NYSE:PRME) last posted its earnings results on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06). As a group, equities analysts anticipate that Prime Medicine will post -1.76 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.