Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $8.92

Shares of Prime Medicine, Inc. (NYSE:PRME) have been assigned an average rating of “Moderate Buy” from the eight ratings firms that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $8.9167.

A number of equities research analysts have issued reports on the company. Citigroup restated a “neutral” rating on shares of Prime Medicine in a research note on Wednesday, October 29th. Wedbush reaffirmed an “outperform” rating and set a $8.00 price objective on shares of Prime Medicine in a research report on Wednesday, July 16th. Finally, Chardan Capital lowered their price objective on Prime Medicine from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 8th.

Prime Medicine Stock Down 7.7%

Prime Medicine stock opened at $4.56 on Friday. The business has a 50-day simple moving average of $4.90 and a two-hundred day simple moving average of $3.38. The company has a market cap of $613.66 million, a P/E ratio of -2.22 and a beta of 2.65. Prime Medicine has a 52-week low of $1.11 and a 52-week high of $6.94.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. grew its position in Prime Medicine by 127.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock valued at $20,110,000 after acquiring an additional 2,035,406 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after purchasing an additional 227,749 shares during the last quarter. Bridgeway Capital Management LLC purchased a new stake in shares of Prime Medicine during the 2nd quarter worth $531,000. T. Rowe Price Investment Management Inc. raised its stake in Prime Medicine by 4.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company’s stock valued at $8,245,000 after buying an additional 165,268 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Prime Medicine in the second quarter valued at about $330,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.