Prime Medicine, Inc. (NYSE:PRME) Receives $7.21 Average PT from Brokerages

Prime Medicine, Inc. (NYSE:PRME) has received an average recommendation of “Moderate Buy” from the seven brokerages that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $7.2083.

A number of equities research analysts have recently issued reports on PRME shares. Wedbush reaffirmed an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, November 10th. Chardan Capital lowered their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Citigroup cut their price objective 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, Lifesci Capital assumed coverage on Prime Medicine in a report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 target price for the company.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Levin Capital Strategies L.P. raised its stake in shares of Prime Medicine by 300.0% during the second quarter. Levin Capital Strategies L.P. now owns 140,000 shares of the company’s stock valued at $346,000 after acquiring an additional 105,000 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Prime Medicine by 127.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock worth $20,110,000 after purchasing an additional 2,035,406 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Prime Medicine by 52.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock worth $57,000 after purchasing an additional 7,954 shares during the period. Greenwich Wealth Management LLC lifted its position in Prime Medicine by 3.3% during the second quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company’s stock valued at $2,090,000 after purchasing an additional 27,200 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in Prime Medicine by 112.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,007 shares of the company’s stock valued at $64,000 after buying an additional 13,777 shares during the period. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Price Performance

NYSE:PRME opened at $3.45 on Monday. The stock’s fifty day moving average price is $3.85 and its two-hundred day moving average price is $4.18. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.94. The company has a market cap of $622.76 million, a P/E ratio of -1.68 and a beta of 2.70.

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.