Prime Medicine, Inc. (NASDAQ:PRME) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts give Prime Medicine a “Moderate Buy” consensus: Seven analysts recommend buying the stock, one rates it a strong buy, and one recommends selling. The average 12-month price target is $7.47, well above the recent $3.19 share price.
• Prime Medicine remains financially challenged: The company met quarterly EPS expectations with a loss of $0.24 per share, but revenue of $1.15 million fell short of the $4.40 million estimate. It reported a deeply negative net margin and return on equity.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 70.37% of PRME, with several firms increasing or initiating positions during the second quarter.

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

PRME has been the topic of a number of research analyst reports. BMO Capital Markets began coverage on shares of Prime Medicine in a report on Tuesday, August 18th. They issued an "outperform" rating and a $9.00 target price on the stock. Chardan Capital began coverage on Prime Medicine in a report on Tuesday, August 25th. They set a "buy" rating and a $7.00 price target for the company. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research report on Monday, June 22nd. Citigroup restated a "market outperform" rating on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, New Street Research set a $8.00 price objective on Prime Medicine in a research report on Monday, June 29th.

Prime Medicine Trading Up 2.2%

Shares of PRME opened at $3.19 on Tuesday. The company has a market cap of $578.60 million, a price-to-earnings ratio of -3.01 and a beta of 2.34. Prime Medicine has a 1-year low of $2.67 and a 1-year high of $6.94. The company's fifty day simple moving average is $3.25 and its 200 day simple moving average is $3.39.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting 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 firm had revenue of $1.15 million during the quarter, compared to analysts' expectations of $4.40 million. As a group, research analysts forecast that Prime Medicine will post -0.96 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System increased its holdings in shares of Prime Medicine by 15.5% in the second quarter. Arizona State Retirement System now owns 28,646 shares of the company's stock valued at $106,000 after purchasing an additional 3,855 shares during the last quarter. Syon Capital LLC acquired a new stake in shares of Prime Medicine during the 2nd quarter worth about $41,000. Concurrent Investment Advisors LLC grew its stake in Prime Medicine by 77.6% in 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 during the last quarter. Wellington Management Group LLP acquired a new position in Prime Medicine in the 2nd quarter valued at about $1,123,000. Finally, Kingsview Wealth Management LLC bought a new position in Prime Medicine in the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company's technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient's own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.

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