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

Prime Medicine, Inc. (NYSE:PRME) has earned a consensus rating of “Buy” from the ten research firms that are covering the firm, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $13.13.

PRME has been the subject of a number of recent research reports. Guggenheim reiterated a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research report on Friday. Chardan Capital lowered their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th.

Prime Medicine Price Performance

PRME stock opened at $2.52 on Monday. The business has a 50-day moving average price of $2.85 and a 200 day moving average price of $3.42. The company has a market capitalization of $330.53 million, a P/E ratio of -1.23 and a beta of 1.86. Prime Medicine has a 1-year low of $2.25 and a 1-year high of $9.62.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. American Century Companies Inc. purchased a new stake in Prime Medicine in the 4th quarter valued at about $33,000. Paloma Partners Management Co acquired a new position in Prime Medicine in the 3rd quarter valued at about $45,000. Nisa Investment Advisors LLC grew its position in shares of Prime Medicine by 11,474.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after buying an additional 12,507 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Prime Medicine during the third quarter worth about $55,000. Finally, XTX Topco Ltd acquired a new position in shares of Prime Medicine during the fourth quarter worth about $42,000. 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.