Analysts Set Prime Medicine, Inc. (NYSE:PRME) Target Price at $13.14

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) has been assigned a consensus recommendation of "Buy" from the eight ratings firms that are covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $13.14.

A number of equities research analysts have issued reports on PRME shares. Chardan Capital raised their price target on shares of Prime Medicine from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, March 20th. HC Wainwright reiterated a "buy" rating and issued a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, March 19th. Wedbush reissued an "outperform" rating and set a $13.00 target price (up from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. Finally, StockNews.com raised Prime Medicine to a "sell" rating in a research note on Tuesday, February 11th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Barclays PLC grew its holdings in Prime Medicine by 343.3% in the third quarter. Barclays PLC now owns 84,697 shares of the company's stock worth $328,000 after purchasing an additional 65,593 shares during the period. American Century Companies Inc. bought a new position in Prime Medicine during the 4th quarter valued at approximately $33,000. Nisa Investment Advisors LLC increased its position in Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company's stock valued at $37,000 after buying an additional 12,507 shares in the last quarter. Geode Capital Management LLC raised its stake in Prime Medicine by 7.9% during the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock valued at $4,287,000 after buying an additional 107,627 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Prime Medicine by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company's stock worth $1,415,000 after acquiring an additional 20,614 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Stock Up 3.1%

Shares of PRME traded up $0.04 during trading hours on Friday, hitting $1.34. The company had a trading volume of 1,557,824 shares, compared to its average volume of 1,232,464. Prime Medicine has a 52-week low of $1.12 and a 52-week high of $8.27. The stock's 50 day moving average price is $1.64 and its 200 day moving average price is $2.59. The firm has a market cap of $175.76 million, a P/E ratio of -0.65 and a beta of 1.90.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same quarter in the previous year, the company posted ($2.18) earnings per share. On average, research analysts expect that Prime Medicine will post -1.68 EPS for the current fiscal year.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.