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

Prime Medicine, Inc. (NYSE:PRME) has earned an average rating of “Moderate Buy” from the seven analysts that are currently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $7.2083.

A number of brokerages have weighed in on PRME. Lifesci Capital started coverage on shares of Prime Medicine in a research report on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 price target on the stock. Wedbush reaffirmed an “outperform” rating and set a $8.00 price target on shares of Prime Medicine 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, Chardan Capital decreased their target price 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.

Hedge Funds Weigh In On Prime Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ProShare Advisors LLC boosted its holdings in Prime Medicine by 37.0% in the fourth quarter. ProShare Advisors LLC now owns 26,158 shares of the company’s stock valued at $91,000 after purchasing an additional 7,059 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of Prime Medicine by 19.9% during the 4th quarter. HighTower Advisors LLC now owns 400,110 shares of the company’s stock valued at $1,388,000 after buying an additional 66,355 shares during the last quarter. CENTRAL TRUST Co acquired a new stake in shares of Prime Medicine during the fourth quarter worth approximately $121,000. Oppenheimer & Co. Inc. bought a new stake in shares of Prime Medicine in the fourth quarter worth $43,000. Finally, UBS Group AG increased its stake in shares of Prime Medicine by 700.8% in the fourth quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock worth $8,469,000 after buying an additional 2,135,810 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Stock Performance

Shares of NYSE:PRME opened at $3.57 on Monday. The stock has a 50-day simple moving average of $3.85 and a 200-day simple moving average of $4.20. The stock has a market capitalization of $644.42 million, a P/E ratio of -1.74 and a beta of 2.70. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.94.

About Prime Medicine

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.