Prime Medicine, Inc. (NYSE:PRME) Receives $20.50 Average PT from Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME) have been given an average recommendation of “Moderate Buy” by the five ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $21.60.

A number of brokerages have commented on PRME. JPMorgan Chase & Co. lowered their price target on Prime Medicine from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Tuesday. Jonestrading assumed coverage on Prime Medicine in a report on Wednesday, September 6th. They issued a “buy” rating and a $20.00 price objective for the company. Morgan Stanley cut their price target on Prime Medicine from $21.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 14th. BMO Capital Markets assumed coverage on Prime Medicine in a research note on Monday, October 9th. They issued an “outperform” rating and a $19.00 price target for the company. Finally, Guggenheim assumed coverage on Prime Medicine in a research note on Monday, July 31st. They issued a “buy” rating and a $24.00 price target for the company.

Institutional Investors Weigh In On Prime Medicine

Several large investors have recently bought and sold shares of the company. Rhumbline Advisers grew its position in shares of Prime Medicine by 8.3% in the third quarter. Rhumbline Advisers now owns 50,959 shares of the company’s stock valued at $486,000 after purchasing an additional 3,896 shares in the last quarter. Deutsche Bank AG grew its position in shares of Prime Medicine by 15.4% in the third quarter. Deutsche Bank AG now owns 20,555 shares of the company’s stock valued at $196,000 after purchasing an additional 2,743 shares in the last quarter. Citigroup Inc. grew its position in shares of Prime Medicine by 296.8% in the third quarter. Citigroup Inc. now owns 56,193 shares of the company’s stock valued at $536,000 after purchasing an additional 42,032 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Prime Medicine by 107.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 292,570 shares of the company’s stock valued at $2,791,000 after acquiring an additional 151,426 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its holdings in Prime Medicine by 40.0% in the third quarter. Oppenheimer & Co. Inc. now owns 21,537 shares of the company’s stock valued at $205,000 after acquiring an additional 6,152 shares during the last quarter. 47.41% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Trading Down 8.7 %

Shares of PRME opened at $6.85 on Tuesday. The stock’s 50-day moving average price is $9.29. Prime Medicine has a one year low of $5.54 and a one year high of $21.73. The firm has a market cap of $666.16 million and a PE ratio of -3.39.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Monday, August 7th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.05). As a group, equities research analysts predict that Prime Medicine will post -1.82 EPS for the current fiscal year.

Prime Medicine Company Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address 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.