Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $14.11

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned an average rating of “Moderate Buy” from the ten brokerages that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $14.11.

A number of brokerages recently weighed in on PRME. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th.

Prime Medicine Trading Down 10.9 %

PRME opened at $3.45 on Friday. The company has a market capitalization of $414.11 million, a PE ratio of -1.64 and a beta of 2.18. The firm’s 50 day simple moving average is $4.32 and its two-hundred day simple moving average is $5.48. Prime Medicine has a 1-year low of $3.39 and a 1-year high of $9.86.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06). Equities analysts forecast that Prime Medicine will post -1.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC boosted its holdings in Prime Medicine by 19.8% in the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after acquiring an additional 2,520 shares in the last quarter. Squarepoint Ops LLC raised its position in Prime Medicine by 6.5% during the second quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock worth $326,000 after acquiring an additional 3,895 shares during the period. Green Alpha Advisors LLC raised its position in shares of Prime Medicine by 14.2% during the 1st quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock worth $236,000 after purchasing an additional 4,200 shares during the last quarter. Chelsea Counsel Co. lifted its position in shares of Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after acquiring an additional 4,400 shares in the last quarter. Finally, ORG Partners LLC purchased a new position in Prime Medicine in the 2nd quarter valued at $29,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.