Analysts Set Prime Medicine, Inc. (NASDAQ:PRME) PT at $7.38

Prime Medicine, Inc. (NASDAQ:PRME) has been given an average recommendation of “Moderate Buy” by the nine research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $7.3750.

Several equities analysts have commented on the stock. Oppenheimer initiated coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prime Medicine in a report on Monday, December 29th. Finally, Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently modified their holdings of PRME. Farallon Capital Management LLC raised its stake in shares of Prime Medicine by 533.3% in the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after buying an additional 4,000,000 shares in the last quarter. State Street Corp boosted its stake in Prime Medicine by 293.0% during the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after buying an additional 3,798,884 shares in the last quarter. ARK Investment Management LLC grew its holdings in Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after acquiring an additional 3,155,182 shares during the period. Balyasny Asset Management L.P. raised its position in Prime Medicine by 6,426.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after acquiring an additional 3,076,489 shares in the last quarter. Finally, Woodline Partners LP bought a new stake in Prime Medicine in the third quarter worth about $16,634,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Stock Down 2.1%

Shares of NASDAQ PRME opened at $3.32 on Tuesday. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The firm’s 50-day simple moving average is $3.72 and its 200 day simple moving average is $4.18. The stock has a market cap of $599.43 million, a P/E ratio of -2.46 and a beta of 2.65.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.