Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $10.08

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eight analysts that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $10.08.

A number of brokerages have issued reports on PRME. HC Wainwright lowered Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. JMP Securities dropped their price target on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 20th. Citigroup restated a "neutral" rating and issued a $1.50 price target (down previously from $10.00) on shares of Prime Medicine in a research report on Tuesday, May 27th. Finally, Wedbush reiterated an "outperform" rating and set a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th.

Insider Buying and Selling

In related news, major shareholder David R. Liu purchased 21,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were acquired at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the purchase, the insider owned 20,219,945 shares in the company, valued at approximately $43,675,081.20. This represents a 0.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have acquired a total of 63,000 shares of company stock valued at $110,250 in the last ninety days. Company insiders own 22.93% of the company's stock.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. grew its stake in shares of Prime Medicine by 4.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock worth $8,245,000 after purchasing an additional 165,268 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Prime Medicine by 2.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company's stock valued at $4,628,000 after purchasing an additional 38,515 shares during the period. Geode Capital Management LLC raised its holdings in Prime Medicine by 7.9% during the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock worth $4,287,000 after purchasing an additional 107,627 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after purchasing an additional 433,653 shares during the last quarter. Finally, Greenwich Wealth Management LLC increased its position in shares of Prime Medicine by 5.6% during the fourth quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company's stock worth $2,260,000 after buying an additional 41,000 shares during the period. Institutional investors own 70.37% of the company's stock.

Prime Medicine Price Performance

Shares of PRME traded up $0.46 during trading hours on Friday, reaching $3.19. 4,884,716 shares of the company's stock traded hands, compared to its average volume of 1,522,486. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $6.75. The business's fifty day simple moving average is $1.61 and its two-hundred day simple moving average is $2.11. The firm has a market capitalization of $418.17 million, a price-to-earnings ratio of -1.55 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.