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

Key Points

• Analyst sentiment is broadly positive: Nine analysts give Prime Medicine a “Moderate Buy” consensus, with seven Buy ratings, one Strong Buy, and one Sell. The average 12-month price target is $7.86.
• PRME opened at $3.90 and has traded between $2.67 and $5.91 over the past year; its market capitalization is approximately $707 million.
• Institutional investors own 70.37% of the stock. Recent position changes included new stakes from several investment firms and an 89.3% increase in Royal Bank of Canada’s holding.

Shares of Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) have been given an average recommendation of "Moderate Buy" by the nine analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $7.86.

Several equities research analysts recently weighed in on PRME shares. Citigroup restated a "market outperform" rating on shares of Prime Medicine in a research report on Friday, September 25th. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Prime Medicine in a research report on Monday, August 31st. Wall Street Zen raised shares of Prime Medicine from a "sell" rating to a "hold" rating in a research note on Saturday, October 31st. Finally, BMO Capital Markets assumed 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.

Prime Medicine Price Performance

Shares of PRME opened at $3.90 on Wednesday. The stock has a market capitalization of $707.38 million, a price-to-earnings ratio of -3.68 and a beta of 2.14. Prime Medicine has a 1 year low of $2.67 and a 1 year high of $5.91. The business's 50 day simple moving average is $3.67 and its 200-day simple moving average is $3.51.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRME. Royal Bank of Canada increased its stake in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock worth $32,000 after acquiring an additional 4,365 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Prime Medicine during the third quarter valued at approximately $28,000. Kingsview Wealth Management LLC purchased a new stake in Prime Medicine during the second quarter valued at approximately $37,000. Wealthfront Advisers LLC bought a new stake in shares of Prime Medicine in the 1st quarter valued at approximately $36,000. Finally, Syon Capital LLC bought a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $41,000. Institutional investors own 70.37% of the company's stock.

Prime Medicine Company Profile

Prime Medicine, Inc. 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 disease-causing genetic mutations without necessarily creating double-strand breaks in DNA. Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.

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