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

Key Points

• Prime Medicine has an average analyst recommendation of "Moderate Buy" from nine brokerages (1 sell, 3 holds, 4 buys, 1 strong buy) with a consensus 12‑month price target of $7.375.
• Several institutions materially increased stakes recently — including Farallon, State Street, ARK and Balyasny — leaving the stock with 70.37% institutional ownership.
• The stock opened at $3.70 with a market capitalization of $668.04 million, a 1‑year range of $1.11–$6.94, a negative P/E of -2.74 and a beta of 2.65.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the nine brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $7.3750.

Several equities research analysts have recently issued reports on the company. Oppenheimer assumed coverage on Prime Medicine in a research note on Thursday, March 12th. They issued an "outperform" rating and a $11.00 price objective for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Prime Medicine in a research note on Monday, December 29th. Wall Street Zen raised Prime Medicine from a "strong sell" rating to a "sell" rating in a research note on Sunday, April 19th. Finally, Lifesci Capital raised Prime Medicine to a "strong-buy" rating in a research note on Monday, March 2nd.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently modified their holdings of the stock. Farallon Capital Management LLC lifted its stake in shares of Prime Medicine by 533.3% during the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company's stock worth $26,315,000 after acquiring an additional 4,000,000 shares during the last quarter. State Street Corp lifted its stake in shares of Prime Medicine by 293.0% during the 4th quarter. State Street Corp now owns 5,095,510 shares of the company's stock worth $17,681,000 after acquiring an additional 3,798,884 shares during the last quarter. ARK Investment Management LLC lifted its stake in shares of Prime Medicine by 135.8% during the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company's stock worth $30,347,000 after acquiring an additional 3,155,182 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in shares of Prime Medicine by 6,426.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company's stock worth $10,842,000 after acquiring an additional 3,076,489 shares during the last quarter. Finally, Woodline Partners LP bought a new stake in shares of Prime Medicine during the 3rd quarter worth approximately $16,634,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Price Performance

NASDAQ:PRME opened at $3.70 on Friday. The firm has a market capitalization of $668.04 million, a price-to-earnings ratio of -2.74 and a beta of 2.65. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.94. The business has a 50 day simple moving average of $3.69 and a 200-day simple moving average of $4.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.