Brokerages Set Prime Medicine, Inc. (NYSE:PRME) PT at $15.09

Shares of Prime Medicine, Inc. (NYSE:PRME) have been assigned an average recommendation of “Moderate Buy” from the twelve ratings firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $15.09.

PRME has been the subject of a number of recent analyst reports. Chardan Capital began coverage on shares of Prime Medicine in a report on Monday, April 22nd. They issued a “buy” rating and a $17.00 price objective for the company. Citigroup upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Thursday, May 16th. Wedbush reiterated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. JPMorgan Chase & Co. decreased their target price on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Friday.

Prime Medicine Stock Performance

Prime Medicine stock opened at $4.13 on Thursday. The stock’s 50 day simple moving average is $5.82 and its two-hundred day simple moving average is $6.40. Prime Medicine has a fifty-two week low of $3.99 and a fifty-two week high of $13.60. The stock has a market cap of $495.13 million, a price-to-earnings ratio of -1.90 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last released its earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.06). On average, analysts predict that Prime Medicine will post -1.64 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position 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 valued at $40,610,000 after purchasing an additional 1,746,534 shares in the last quarter. Redmile Group LLC grew its position in shares of Prime Medicine by 56.6% during 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. Farallon Capital Management LLC purchased a new position in shares of Prime Medicine during the first quarter valued at about $5,250,000. Bollard Group LLC purchased a new position in shares of Prime Medicine during the fourth quarter valued at about $3,200,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Prime Medicine by 13.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after purchasing an additional 301,431 shares in the last quarter. 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.