Prime Medicine, Inc. (NYSE:PRME) Receives $10.08 Average Target Price from Analysts

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) has received a consensus rating of "Moderate Buy" from the eight analysts that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $10.08.

A number of research analysts recently commented on the company. JMP Securities reduced their price target on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a report on Tuesday, May 20th. HC Wainwright lowered shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. Citigroup reissued a "neutral" rating and set a $1.50 price objective (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Wall Street Zen raised shares of Prime Medicine to a "sell" rating in a research report on Tuesday, February 11th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th.

Institutional Trading of Prime Medicine

Large investors have recently modified their holdings of the company. Rhumbline Advisers grew its position in 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 purchasing an additional 9,944 shares during the last quarter. Chelsea Counsel Co. grew its holdings in Prime Medicine by 11.5% in the 1st quarter. Chelsea Counsel Co. now owns 208,210 shares of the company's stock worth $414,000 after buying an additional 21,430 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Prime Medicine in the first quarter valued at approximately $101,000. AQR Capital Management LLC increased its position in shares of Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock valued at $485,000 after purchasing an additional 227,749 shares during the period. Finally, Ieq Capital LLC bought a new position in shares of Prime Medicine in the first quarter valued at $69,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Prime Medicine Stock Up 23.9%

Shares of NYSE:PRME traded up $0.33 during trading on Wednesday, reaching $1.69. The stock had a trading volume of 4,058,397 shares, compared to its average volume of 1,355,556. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $8.14. The stock has a market cap of $221.23 million, a P/E ratio of -0.82 and a beta of 1.55. The business has a fifty day moving average price of $1.39 and a 200-day moving average price of $2.27.

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