Prime Medicine, Inc. (NYSE:PRME) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Prime Medicine, Inc. (NYSE:PRME) have received a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, Marketbeat 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 1-year target price among analysts that have issued a report on the stock in the last year is $9.2083.

Several equities research analysts have recently issued reports on PRME shares. Citigroup decreased their price objective on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Wedbush reiterated an “outperform” rating and set a $8.00 target price on shares of Prime Medicine in a research report on Monday, November 10th. Finally, 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 report on Monday, November 10th.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Alphabet Inc. boosted its holdings in shares of Prime Medicine by 10.0% in the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock valued at $91,756,000 after purchasing an additional 1,500,000 shares during the last quarter. ARK Investment Management LLC increased its holdings in shares of Prime Medicine by 135.8% during the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after buying an additional 3,155,182 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Prime Medicine by 35.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock worth $27,267,000 after buying an additional 1,294,355 shares during the period. Farallon Capital Management LLC boosted its holdings in Prime Medicine by 533.3% in the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after acquiring an additional 4,000,000 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Prime Medicine by 4.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company’s stock valued at $8,245,000 after acquiring an additional 165,268 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Stock Performance

Shares of NYSE PRME opened at $3.72 on Wednesday. The firm has a market cap of $671.50 million, a P/E ratio of -1.81 and a beta of 2.64. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.94. The firm’s 50 day moving average price is $4.92 and its 200 day moving average price is $3.65.

About Prime Medicine

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.