Prime Medicine, Inc. (PRME) - What Are Brokerages Thinking About This Stock?

Key Points

• Analyst sentiment is moderately bullish: Ten brokerages give Prime Medicine an average “Moderate Buy” rating, with eight buys, one strong buy, and one sell. The average 12-month price target is $7.47 versus the stock’s recent price of $3.47.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 70.37% of Prime Medicine, with Alphabet and BlackRock among the investors that established sizable positions during the second quarter.
• The company remains financially challenged: Prime Medicine matched estimates with a quarterly loss of $0.24 per share, but revenue of $1.15 million fell well short of the $4.40 million forecast. Analysts expect a full-year loss of approximately $0.97 per share.

Shares of Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) have been assigned an average rating of "Moderate Buy" from the ten ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $7.47.

Several brokerages have issued reports on PRME. New Street Research set a $8.00 price target on Prime Medicine in a research note on Monday, June 29th. HC Wainwright reiterated a "buy" rating and set a $8.00 price objective on shares of Prime Medicine in a research report on Monday, August 10th. Wall Street Zen cut Prime Medicine from a "hold" rating to a "sell" rating in a report on Saturday, October 3rd. TD Cowen reissued a "buy" rating on shares of Prime Medicine in a report on Wednesday, July 8th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Prime Medicine in a research report on Monday, August 31st.

Institutional Trading of Prime Medicine

Institutional investors have recently added to or reduced their stakes in the business. Alphabet Inc. purchased a new position in shares of Prime Medicine in the second quarter worth about $61,116,000. BlackRock Inc. bought a new stake in shares of Prime Medicine in the 2nd quarter valued at about $35,432,000. ADAR1 Capital Management LLC bought a new stake in shares of Prime Medicine in the 2nd quarter valued at about $7,371,000. Redmile Group LLC purchased a new stake in Prime Medicine during the 1st quarter valued at about $5,536,000. Finally, Bank of America Corp DE purchased a new stake in Prime Medicine during the 2nd quarter valued at about $3,621,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Stock Performance

NASDAQ PRME opened at $3.47 on Friday. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $6.30. The company has a market capitalization of $629.39 million, a P/E ratio of -3.27 and a beta of 2.37. The company has a fifty day moving average of $3.34 and a 200-day moving average of $3.33.

Prime Medicine (NASDAQ:PRME - Get Free Report) last released its 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 return on equity of 188.27% and a negative net margin of 4,613.11%. The business had revenue of $1.15 million for the quarter, compared to analysts' expectations of $4.40 million. As a group, analysts forecast that Prime Medicine will post -0.97 EPS for the current fiscal year.

Prime Medicine Company Profile

Prime Medicine, Inc NASDAQ: PRME is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company's platform is intended to address a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.

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