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

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have been assigned a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $7.3750.

A number of equities analysts have recently commented on PRME shares. Oppenheimer started coverage on Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Prime Medicine in a research report on Monday, December 29th. Finally, Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd.

Prime Medicine Stock Performance

NASDAQ:PRME opened at $3.34 on Tuesday. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The stock has a market capitalization of $603.04 million, a P/E ratio of -2.47 and a beta of 2.65. The company’s 50-day simple moving average is $3.68 and its 200-day simple moving average is $4.16.

Hedge Funds Weigh In On Prime Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Creative Planning bought a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Prime Medicine during the 4th quarter worth $31,000. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine during the 4th quarter worth $33,000. Glen Eagle Advisors LLC acquired a new stake in shares of Prime Medicine in the fourth quarter valued at $35,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Prime Medicine by 1,316.4% in the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock valued at $38,000 after buying an additional 6,345 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

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.