Prime Medicine, Inc. (NYSE:PRME) Given Consensus Rating of "Moderate Buy" by Brokerages

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) has been given an average rating of "Moderate Buy" by the eight research firms that are currently covering the company, Marketbeat.com reports. Three equities 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 twelve-month price objective among analysts that have covered the stock in the last year is $9.25.

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

Insider Activity

In other news, major shareholder David R. Liu purchased 21,000 shares of Prime Medicine stock in a transaction that occurred on Monday, June 23rd. The stock was acquired at an average price of $2.16 per share, for a total transaction of $45,360.00. Following the transaction, the insider owned 20,219,945 shares in the company, valued at $43,675,081.20. The trade was a 0.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders have purchased 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRME. Palumbo Wealth Management LLC lifted its holdings in shares of Prime Medicine by 92.1% during the 2nd quarter. Palumbo Wealth Management LLC now owns 183,358 shares of the company's stock worth $453,000 after acquiring an additional 87,896 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Prime Medicine by 112.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,007 shares of the company's stock worth $64,000 after acquiring an additional 13,777 shares during the last quarter. Rhumbline Advisers grew its position in shares of Prime Medicine by 13.8% during 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 period. Chelsea Counsel Co. grew its position in shares of Prime Medicine by 11.5% during 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 during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Prime Medicine in the first quarter valued at approximately $101,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Stock Down 6.3%

Shares of PRME traded down $0.29 during mid-day trading on Thursday, hitting $4.35. 3,613,365 shares of the company's stock traded hands, compared to its average volume of 2,322,221. The firm has a market capitalization of $585.06 million, a P/E ratio of -2.12 and a beta of 2.33. The business's 50-day moving average price is $2.50 and its 200-day moving average price is $2.27. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $5.95.

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.