Prime Medicine, Inc. (NYSE:PRME) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME) have been given an average rating of “Moderate Buy” by the ten brokerages that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $16.89.

PRME has been the topic of several recent analyst reports. Stifel Nicolaus lowered Prime Medicine from a “buy” rating to a “hold” rating and decreased their price target for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. Wedbush reaffirmed an “outperform” rating and set a $12.00 price objective on shares of Prime Medicine in a research note on Tuesday, April 23rd. TD Cowen started coverage on shares of Prime Medicine in a report on Monday, April 8th. They set a “buy” rating for the company. Chardan Capital initiated coverage on Prime Medicine in a report on Monday, April 22nd. They issued a “buy” rating and a $17.00 target price on the stock. Finally, Guggenheim dropped their price target on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th.

Prime Medicine Stock Performance

NYSE:PRME opened at $4.86 on Tuesday. The company has a 50-day moving average of $6.80 and a 200-day moving average of $7.28. Prime Medicine has a 52 week low of $4.11 and a 52 week high of $17.20. The company has a market capitalization of $583.30 million, a price-to-earnings ratio of -2.24 and a beta of 1.81.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Sell-side analysts forecast that Prime Medicine will post -1.8 EPS for the current year.

Insiders Place Their Bets

In other Prime Medicine news, Director Robert Nelsen bought 3,200,000 shares of Prime Medicine stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the purchase, the director now owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 24.29% of the company’s stock.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently modified their holdings of PRME. Vanguard Group Inc. lifted its stake in Prime Medicine by 18.5% in the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after buying an additional 617,310 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Prime Medicine by 18.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock worth $34,676,000 after purchasing an additional 571,097 shares during the period. ARK Investment Management LLC increased its holdings in Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after purchasing an additional 515,841 shares in the last quarter. Greenwich Wealth Management LLC raised its stake in shares of Prime Medicine by 16.9% in the 4th quarter. Greenwich Wealth Management LLC now owns 513,001 shares of the company’s stock valued at $4,545,000 after purchasing an additional 73,980 shares during the period. Finally, Bollard Group LLC bought a new stake in shares of Prime Medicine in the fourth quarter valued at about $3,200,000. 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.