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

Prime Medicine, Inc. (NYSE:PRME) has been assigned an average rating of “Moderate Buy” from the ten analysts that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $16.89.

Several equities analysts have recently commented on the stock. Chardan Capital assumed coverage on shares of Prime Medicine in a research report on Monday, April 22nd. They issued a “buy” rating and a $17.00 target price for the company. Stifel Nicolaus lowered Prime Medicine from a “buy” rating to a “hold” rating and decreased their price target for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. TD Cowen began coverage on Prime Medicine in a research report on Monday, April 8th. They set a “buy” rating for the company. Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research note on Tuesday, April 23rd. Finally, Guggenheim reduced their price target on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, March 5th.

Insider Activity at Prime Medicine

In related news, Director Robert Nelsen purchased 3,200,000 shares of Prime Medicine stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the transaction, the director now owns 3,200,000 shares in the company, valued at $20,000,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 24.29% of the stock is currently owned by company insiders.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Chelsea Counsel Co. boosted its stake in Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Prime Medicine in the 4th quarter valued at $90,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Prime Medicine during the 4th quarter valued at $100,000. Strs Ohio purchased a new position in Prime Medicine in the 4th quarter worth $151,000. Finally, Levin Capital Strategies L.P. purchased a new stake in Prime Medicine during the fourth quarter valued at about $177,000. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Trading Down 0.4 %

NYSE:PRME opened at $5.59 on Tuesday. The stock has a 50 day simple moving average of $6.56 and a 200 day simple moving average of $7.23. The stock has a market cap of $670.97 million, a P/E ratio of -2.58 and a beta of 2.07. Prime Medicine has a 1-year low of $4.11 and a 1-year high of $17.20.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). As a group, sell-side analysts forecast that Prime Medicine will post -1.8 EPS for the current year.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.