Prime Medicine, Inc. (NASDAQ:PRME) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Prime Medicine has a “Moderate Buy” consensus rating from nine analysts: seven buys, one strong buy and one sell. The average 12-month price target is $7.47, versus the stock’s recent price of $3.64.
• Institutional investors own 70.37% of the company, with several firms increasing stakes or initiating new positions during the second quarter, including California State Teachers Retirement System and Wellington Management.
• Prime Medicine’s latest quarterly results matched expectations with a loss of $0.24 per share, but revenue of $1.15 million fell well short of the $4.40 million consensus estimate. The company continues to report substantial losses and negative profitability metrics.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) has been assigned an average rating of "Moderate Buy" from the nine analysts that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $7.4722.

Several research analysts have issued reports on PRME shares. New Street Research set a $8.00 target price on Prime Medicine in a research report on Monday, June 29th. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research note on Monday, June 22nd. Chardan Capital began coverage on shares of Prime Medicine in a report on Tuesday. They set a "buy" rating and a $7.00 target price for the company. Wall Street Zen upgraded shares of Prime Medicine from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Prime Medicine in a research note on Wednesday, June 3rd.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRME. California State Teachers Retirement System increased its stake in Prime Medicine by 570.2% in the second quarter. California State Teachers Retirement System now owns 579,511 shares of the company's stock worth $2,138,000 after purchasing an additional 493,038 shares during the period. Syon Capital LLC purchased a new position in Prime Medicine in the 2nd quarter worth about $41,000. Concurrent Investment Advisors LLC lifted its holdings in Prime Medicine by 77.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company's stock valued at $486,000 after buying an additional 57,545 shares in the last quarter. Wellington Management Group LLP bought a new position in Prime Medicine in the 2nd quarter worth about $1,123,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Prime Medicine during the second quarter worth approximately $37,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Prime Medicine Trading Up 1.7%

Prime Medicine stock opened at $3.64 on Friday. Prime Medicine has a 12 month low of $2.67 and a 12 month high of $6.94. The stock has a fifty day simple moving average of $3.35 and a two-hundred day simple moving average of $3.42. The firm has a market cap of $660.21 million, a price-to-earnings ratio of -3.43 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.24). The firm had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. On average, equities research analysts forecast that Prime Medicine will post -0.95 EPS for the current fiscal year.

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.

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