Prime Medicine, Inc. (NYSE:PRME) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned an average rating of “Moderate Buy” from the nine analysts that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $13.25.

PRME has been the subject of a number of recent research reports. Wedbush restated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Thursday. HC Wainwright reissued a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research note on Wednesday. Finally, Chardan Capital cut their price target on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. ORG Partners LLC bought a new position in shares of Prime Medicine in the second quarter worth about $29,000. National Bank of Canada FI acquired a new position in shares of Prime Medicine during the second quarter valued at $34,000. Nisa Investment Advisors LLC boosted its holdings in Prime Medicine by 22,652.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares during the last quarter. Paloma Partners Management Co acquired a new stake in Prime Medicine in the third quarter worth about $45,000. Finally, Intech Investment Management LLC bought a new stake in Prime Medicine during the 3rd quarter worth about $55,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Stock Down 7.0 %

Prime Medicine stock opened at $3.35 on Friday. The business has a 50 day moving average price of $3.88 and a two-hundred day moving average price of $5.02. Prime Medicine has a 12 month low of $3.28 and a 12 month high of $9.86. The stock has a market cap of $438.73 million, a price-to-earnings ratio of -1.63 and a beta of 2.09.

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.