Prime Medicine, Inc. (NASDAQ:PRME) Given Average Rating of “Moderate Buy” by Brokerages

Prime Medicine, Inc. (NASDAQ:PRME) has been given an average rating of “Moderate Buy” by the six ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $7.65.

Several analysts have issued reports on PRME shares. Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Wall Street Zen cut Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Finally, Oppenheimer initiated coverage on Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target on the stock.

Prime Medicine Price Performance

Shares of NASDAQ PRME opened at $3.23 on Friday. The stock’s 50 day moving average price is $3.29 and its two-hundred day moving average price is $3.59. Prime Medicine has a 52-week low of $1.77 and a 52-week high of $6.94. The stock has a market capitalization of $583.40 million, a P/E ratio of -2.63 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The firm had revenue of $0.86 million for the quarter. On average, analysts anticipate that Prime Medicine will post -0.98 EPS for the current year.

Institutional Trading of Prime Medicine

Institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning acquired a new stake in shares of Prime Medicine during the 2nd quarter worth approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $31,000. Royal Bank of Canada raised its position in shares of Prime Medicine by 89.3% during the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after purchasing an additional 4,365 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $33,000. Finally, Glen Eagle Advisors LLC acquired a new stake in shares of Prime Medicine during the 4th quarter worth approximately $35,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.