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

Key Points

• Prime Medicine has a consensus analyst rating of “Moderate Buy” from eight analysts, with six buy ratings, one strong buy, and one sell. The average 12-month price target is about $7.53.
• The stock was up 15.8% in Thursday trading, opening at $4.62, while still trading below its 52-week high of $6.94. Shares have a market cap of about $834.46 million.
• Prime Medicine’s latest quarterly results showed a loss of $0.28 per share, wider than the expected $0.24 loss, on just $0.86 million in revenue. Analysts currently expect the company to post -0.98 EPS for the full fiscal year.

Shares of Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) have been given a consensus rating of "Moderate Buy" by the eight analysts that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $7.5312.

PRME has been the subject of several analyst reports. Wall Street Zen cut shares of Prime Medicine from a "sell" rating to a "strong sell" rating in a research note on Wednesday, May 13th. Oppenheimer assumed coverage on shares of Prime Medicine in a research report on Thursday, March 12th. They set an "outperform" rating and a $11.00 price target on the stock. 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 price objective for the company in a research report on Monday, June 29th. Finally, New Street Research set a $8.00 target price on shares of Prime Medicine in a research note on Monday, June 29th.

Prime Medicine Trading Up 15.8%

Shares of PRME stock opened at $4.62 on Thursday. Prime Medicine has a twelve month low of $2.67 and a twelve month high of $6.94. The stock has a market cap of $834.46 million, a P/E ratio of -3.76 and a beta of 2.26. The stock has a 50 day moving average of $3.28 and a 200 day moving average of $3.57.

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

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently bought and sold shares of PRME. Creative Planning acquired a new stake in Prime Medicine in the second quarter valued at approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Prime Medicine during the 4th quarter worth approximately $31,000. Royal Bank of Canada raised its stake in shares of Prime Medicine by 89.3% during the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock worth $32,000 after buying an additional 4,365 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Prime Medicine during the 4th quarter valued at approximately $33,000. Finally, Glen Eagle Advisors LLC purchased a new position in shares of Prime Medicine during the 4th quarter valued at approximately $35,000. Institutional investors and hedge funds own 70.37% of the company's stock.

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.

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.