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

Shares of Prime Medicine, Inc. (NYSE:PRME) have been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $7.2083.

Several brokerages recently issued reports on PRME. Lifesci Capital initiated coverage on shares of Prime Medicine in a research note on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 price objective on the stock. Chardan Capital reduced their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Wedbush reaffirmed an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research report on Monday, November 10th. Finally, Citigroup dropped their target price on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a research note on Tuesday, November 11th.

Prime Medicine Trading Up 10.2%

NYSE:PRME opened at $3.57 on Monday. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $6.94. The firm has a market cap of $644.42 million, a price-to-earnings ratio of -1.74 and a beta of 2.70. The company’s 50-day moving average is $3.85 and its two-hundred day moving average is $4.20.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC raised its stake in Prime Medicine by 1,419.4% during the first 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 period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Prime Medicine during the 1st quarter worth $101,000. Rhumbline Advisers raised its position in shares of Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock worth $163,000 after buying an additional 9,944 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Prime Medicine by 112.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,007 shares of the company’s stock worth $64,000 after buying an additional 13,777 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in Prime Medicine by 52.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock valued at $57,000 after acquiring an additional 7,954 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.