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

Key Points

• Prime Medicine has a “Moderate Buy” consensus from eight analysts: six rate it a buy, one a strong buy, and one a sell. The average 12-month price target is $7.53, versus a recent share price of $2.92.
• The company reported a quarterly loss of $0.28 per share, missing the $0.24 consensus estimate, on revenue of $0.86 million. Analysts expect a full-year loss of approximately $0.98 per share.
• Institutional investors own 70.37% of Prime Medicine, with major firms including State Street, Balyasny Asset Management, UBS, Woodline Partners, and RA Capital recently increasing or initiating positions.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) has received an average recommendation of "Moderate Buy" from the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $7.5312.

A number of brokerages have weighed in on PRME. New Street Research set a $8.00 price objective on Prime Medicine in a report on Monday, June 29th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Prime Medicine in a report on Wednesday, June 3rd. HC Wainwright upgraded shares of Prime Medicine from a "neutral" rating to a "buy" rating and set a $8.00 target price for the company in a research report on Monday, June 29th. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, Wall Street Zen lowered shares of Prime Medicine from a "sell" rating to a "strong sell" rating in a research report on Wednesday, May 13th.

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $2.92 on Monday. The stock has a market capitalization of $527.41 million, a P/E ratio of -2.37 and a beta of 2.31. The business has a 50 day simple moving average of $3.30 and a two-hundred day simple moving average of $3.52. Prime Medicine has a 12 month low of $2.67 and a 12 month high of $6.94.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.The firm had revenue of $0.86 million during the quarter. As a group, research analysts anticipate that Prime Medicine will post -0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. State Street Corp grew its position in shares of Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company's stock valued at $17,681,000 after purchasing an additional 3,798,884 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Prime Medicine by 6,426.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company's stock valued at $10,842,000 after purchasing an additional 3,076,489 shares during the last quarter. Woodline Partners LP purchased a new position in Prime Medicine during the third quarter worth approximately $16,634,000. RA Capital Management L.P. purchased a new position in Prime Medicine during the third quarter worth approximately $16,620,000. Finally, UBS Group AG boosted its stake in Prime Medicine by 700.8% during the fourth quarter. UBS Group AG now owns 2,440,583 shares of the company's stock worth $8,469,000 after buying an additional 2,135,810 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

About Prime Medicine

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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