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

Prime Medicine logo with Medical background

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.

Check Out Our Latest Research Report on PRME

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

(Get Free Report

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.

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Analyst Recommendations for Prime Medicine (NYSE:PRME)

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