Prime Medicine, Inc. (NYSE:PRME) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME - Get Free Report) have received an average rating of "Moderate Buy" from the eight brokerages that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $10.08.

PRME has been the subject of several research analyst reports. HC Wainwright lowered Prime Medicine from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 20th. Citigroup reaffirmed a "neutral" rating and issued a $1.50 target price (down from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. Chardan Capital decreased their target price on Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Wedbush reaffirmed an "outperform" rating and issued a $13.00 target price (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. Finally, JMP Securities decreased their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research report on Tuesday, May 20th.

Insider Buying and Selling

In related news, major shareholder David R. Liu acquired 21,000 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was purchased at an average cost of $2.16 per share, with a total value of $45,360.00. Following the acquisition, the insider owned 20,219,945 shares of the company's stock, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders bought 63,000 shares of company stock valued at $110,250. Insiders own 22.93% of the company's stock.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC boosted its stake in shares of Prime Medicine by 24.6% in the 4th quarter. ProShare Advisors LLC now owns 22,186 shares of the company's stock worth $65,000 after buying an additional 4,375 shares during the last quarter. Levin Capital Strategies L.P. boosted its stake in shares of Prime Medicine by 7.1% in the 4th quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company's stock worth $219,000 after buying an additional 5,000 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after buying an additional 9,944 shares during the last quarter. American Century Companies Inc. purchased a new position in Prime Medicine in the fourth quarter valued at approximately $33,000. Finally, Virtus ETF Advisers LLC lifted its stake in Prime Medicine by 102.4% in the fourth quarter. Virtus ETF Advisers LLC now owns 23,618 shares of the company's stock valued at $69,000 after purchasing an additional 11,948 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Prime Medicine Stock Performance

Shares of PRME stock traded up $0.26 during mid-day trading on Friday, hitting $2.73. The company's stock had a trading volume of 3,623,664 shares, compared to its average volume of 1,508,598. The company's fifty day simple moving average is $1.59 and its 200-day simple moving average is $2.11. Prime Medicine has a 52 week low of $1.11 and a 52 week high of $6.75. The company has a market cap of $358.43 million, a PE ratio of -1.33 and a beta of 1.55.

Prime Medicine Company Profile

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.