Brokerages Set Prime Medicine, Inc. (NASDAQ:PRME) PT at $7.47

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have received an average rating of “Moderate Buy” from the nine ratings firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $7.4722.

A number of research firms have recently weighed in on PRME. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, August 10th. BMO Capital Markets initiated coverage on Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective for the company. Finally, New Street Research set a $8.00 target price on shares of Prime Medicine in a research note on Monday, June 29th.

Prime Medicine Price Performance

NASDAQ PRME opened at $3.57 on Friday. The company has a market cap of $647.53 million, a P/E ratio of -3.37 and a beta of 2.34. The stock has a 50-day moving average of $3.37 and a two-hundred day moving average of $3.42. Prime Medicine has a 1-year low of $2.67 and a 1-year high of $6.94.

Prime Medicine (NASDAQ:PRME) last released its earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The company had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. On average, analysts anticipate that Prime Medicine will post -0.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Large investors have recently modified their holdings of the company. Creative Planning purchased a new stake in shares of Prime Medicine during the 2nd quarter worth $25,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Prime Medicine in the fourth quarter valued at $31,000. Royal Bank of Canada increased its holdings in Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after buying an additional 4,365 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Prime Medicine in the fourth quarter valued at $33,000. Finally, Glen Eagle Advisors LLC acquired a new stake in Prime Medicine in the fourth quarter valued at $35,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

About Prime Medicine

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.