Prime Medicine, Inc. (NYSE:PRME) Receives $13.38 Average Price Target from Analysts

Prime Medicine, Inc. (NYSE:PRME) has been assigned an average recommendation of “Buy” from the ten brokerages that are presently covering the company, MarketBeat reports. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $13.38.

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. JMP Securities initiated coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on the stock. Chardan Capital boosted their price objective on Prime Medicine from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, March 20th. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Wedbush reaffirmed an “outperform” rating and set a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th.

Prime Medicine Stock Up 2.6 %

Shares of PRME stock opened at $2.00 on Friday. The business has a 50 day moving average of $2.49 and a two-hundred day moving average of $3.14. The company has a market cap of $262.32 million, a P/E ratio of -0.98 and a beta of 1.85. Prime Medicine has a 52 week low of $1.65 and a 52 week high of $8.27.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter last year, the business posted ($2.18) earnings per share. Analysts expect that Prime Medicine will post -1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GSA Capital Partners LLP acquired a new stake in shares of Prime Medicine in the third quarter valued at $383,000. Intech Investment Management LLC bought a new stake in Prime Medicine in the third quarter worth about $55,000. Corsair Capital Management L.P. acquired a new stake in Prime Medicine in the 3rd quarter valued at about $77,000. PEAK6 Investments LLC boosted its position in shares of Prime Medicine by 32.4% during the 3rd quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock valued at $174,000 after purchasing an additional 11,013 shares in the last quarter. Finally, Walleye Capital LLC bought a new position in shares of Prime Medicine during the 3rd quarter valued at about $419,000. 70.37% of the stock is owned by institutional investors.

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.