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

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

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

Prime Medicine Stock Up 24.3%

Prime Medicine stock traded up $0.33 during mid-day trading on Wednesday, reaching $1.69. 4,951,818 shares of the company's stock traded hands, compared to its average volume of 1,362,505. The company has a market cap of $221.89 million, a price-to-earnings ratio of -0.82 and a beta of 1.55. The stock has a 50 day moving average of $1.39 and a two-hundred day moving average of $2.26. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $8.14.

Prime Medicine (NYSE:PRME - Get Free Report) last released its quarterly earnings results on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the prior year, the firm earned ($2.18) EPS. As a group, sell-side analysts forecast that Prime Medicine will post -1.68 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC grew its holdings in shares of Prime Medicine by 24.6% in the fourth quarter. ProShare Advisors LLC now owns 22,186 shares of the company's stock worth $65,000 after purchasing an additional 4,375 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Prime Medicine by 20.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company's stock worth $81,000 after purchasing an additional 4,725 shares during the last quarter. Levin Capital Strategies L.P. grew its holdings in shares of Prime Medicine by 7.1% in the fourth quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company's stock worth $219,000 after purchasing an additional 5,000 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Prime Medicine by 13.8% in the first quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after purchasing an additional 9,944 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in shares of Prime Medicine in the fourth quarter worth about $33,000. 70.37% of the stock is currently owned by institutional investors.

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.