Prime Medicine (NYSE:PRME) Now Covered by Analysts at Lifesci Capital

Analysts at Lifesci Capital assumed coverage on shares of Prime Medicine (NYSE:PRME) in a note issued to investors on Tuesday,Benzinga reports. The brokerage set an “outperform” rating and a $6.00 price target on the stock. Lifesci Capital’s target price suggests a potential upside of 63.13% from the company’s previous close.

A number of other brokerages also recently issued reports on PRME. Wedbush restated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, November 10th. Chardan Capital cut their target price on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Finally, Citigroup decreased their price target on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Prime Medicine presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.21.

Prime Medicine Price Performance

Shares of PRME traded down $0.02 during mid-day trading on Tuesday, reaching $3.68. The stock had a trading volume of 795,943 shares, compared to its average volume of 2,979,656. Prime Medicine has a 52-week low of $1.11 and a 52-week high of $6.94. The firm has a market cap of $663.92 million, a price-to-earnings ratio of -1.79 and a beta of 2.69. The business’s fifty day moving average is $4.26 and its 200 day moving average is $3.99.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently bought and sold shares of the company. Creative Planning purchased a new position in Prime Medicine in the second quarter worth approximately $25,000. Freedom Investment Management Inc. acquired a new stake in shares of Prime Medicine in the 2nd quarter valued at $26,000. R Squared Ltd acquired a new stake in shares of Prime Medicine in the 2nd quarter valued at $31,000. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of Prime Medicine during the 2nd quarter worth $33,000. Finally, Savant Capital LLC acquired a new position in shares of Prime Medicine during the second quarter worth $37,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.