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

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $7.2083.

Several analysts have commented on the stock. Lifesci Capital started coverage on shares of Prime Medicine in a report on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 price objective for the company. Wedbush restated an “outperform” rating and issued a $8.00 target price on shares of Prime Medicine in a research note on Monday, November 10th. Citigroup dropped their price target on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Finally, Chardan Capital reduced their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Monday, November 10th.

Prime Medicine Trading Up 3.1%

NYSE:PRME opened at $4.01 on Thursday. The company has a 50-day moving average price of $3.78 and a 200-day moving average price of $4.23. The stock has a market cap of $723.85 million, a price-to-earnings ratio of -1.96 and a beta of 2.71. Prime Medicine has a 12 month low of $1.11 and a 12 month high of $6.94.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. boosted its stake in Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Prime Medicine during the third quarter valued at approximately $49,000. Sterling Investment Advisors Ltd. bought a new stake in shares of Prime Medicine in the 3rd quarter worth approximately $55,000. Creative Planning bought a new stake in shares of Prime Medicine in the 2nd quarter worth approximately $25,000. Finally, Victory Capital Management Inc. purchased a new stake in shares of Prime Medicine in the 3rd quarter worth approximately $56,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.