Prime Medicine, Inc. (NASDAQ:PRME) Receives Average Rating of “Moderate Buy” from Analysts

Prime Medicine, Inc. (NASDAQ:PRME) has been given a consensus rating of “Moderate Buy” by the six research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $7.65.

PRME has been the subject of a number of research analyst reports. Wall Street Zen cut Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Finally, Oppenheimer initiated coverage on Prime Medicine in a report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target for the company.

Prime Medicine Stock Performance

NASDAQ:PRME opened at $2.70 on Wednesday. The stock has a fifty day moving average price of $3.52 and a 200-day moving average price of $3.72. The company has a market cap of $487.67 million, a price-to-earnings ratio of -2.20 and a beta of 2.35. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.The business had revenue of $0.86 million for the quarter. Research analysts predict that Prime Medicine will post -0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors have recently modified their holdings of the business. Shelton Wealth Management LLC raised its holdings in shares of Prime Medicine by 15.8% during the 4th quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock worth $70,000 after buying an additional 2,734 shares in the last quarter. Sterling Investment Advisors Ltd. increased its stake in shares of Prime Medicine by 34.0% in the fourth quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock valued at $46,000 after buying an additional 3,400 shares during the period. Squarepoint Ops LLC increased its stake in shares of Prime Medicine by 10.5% in the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock valued at $219,000 after buying an additional 3,775 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in shares of Prime Medicine by 16.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock valued at $170,000 after buying an additional 4,280 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after buying an additional 4,365 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

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.