Prime Medicine, Inc. (NASDAQ:PRME) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have been given an average rating of “Moderate Buy” by the eight analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $7.5312.

A number of brokerages have commented on PRME. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research report on Monday, June 22nd. HC Wainwright upgraded Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Monday, June 29th. New Street Research set a $8.00 target price on Prime Medicine in a research note on Monday, June 29th. Finally, Wall Street Zen upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday.

Prime Medicine Stock Performance

Shares of NASDAQ PRME opened at $3.08 on Monday. The company’s 50 day moving average price is $3.28 and its 200-day moving average price is $3.48. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $6.94. The company has a market capitalization of $556.30 million, a P/E ratio of -2.91 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 156.84%. The company had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. Analysts forecast that Prime Medicine will post -0.99 earnings per share for the current year.

Institutional Trading of Prime Medicine

Several hedge funds have recently modified their holdings of PRME. Alphabet Inc. bought a new position in Prime Medicine during the second quarter worth $61,116,000. BlackRock Inc. bought a new stake in Prime Medicine in the second quarter valued at $35,432,000. State Street Corp raised its holdings in shares of Prime Medicine by 293.0% during the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after purchasing an additional 3,798,884 shares during the period. Vanguard Group Inc. raised its holdings in shares of Prime Medicine by 35.7% during the third quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock valued at $27,267,000 after purchasing an additional 1,294,355 shares during the period. Finally, Balyasny Asset Management L.P. boosted its position in shares of Prime Medicine by 6,426.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after purchasing an additional 3,076,489 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Company Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.