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

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $7.65.

Several brokerages have recently commented on PRME. Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Oppenheimer assumed coverage on shares of Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Finally, Wall Street Zen lowered shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th.

Prime Medicine Price Performance

Shares of PRME stock opened at $2.78 on Friday. The firm has a 50-day moving average of $3.32 and a 200-day moving average of $3.62. The company has a market cap of $502.12 million, a P/E ratio of -2.26 and a beta of 2.31. Prime Medicine has a one year low of $1.40 and a one year high of $6.94.

Prime Medicine (NASDAQ:PRME) last announced its earnings results on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The firm had revenue of $0.86 million during the quarter. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. As a group, research analysts expect that Prime Medicine will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently added to or reduced their stakes in the stock. Alphabet Inc. grew its position in Prime Medicine by 10.0% during the third quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock valued at $91,756,000 after buying an additional 1,500,000 shares during the period. ARK Investment Management LLC grew its position 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 valued at $30,347,000 after buying an additional 3,155,182 shares during the period. Farallon Capital Management LLC grew its position in Prime Medicine by 533.3% during the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after buying an additional 4,000,000 shares during the period. HighTower Advisors LLC grew its position in Prime Medicine by 1,463.0% during the third quarter. HighTower Advisors LLC now owns 333,755 shares of the company’s stock valued at $1,849,000 after buying an additional 312,401 shares during the period. Finally, Casdin Capital LLC boosted its position in Prime Medicine by 102.1% during the third quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock worth $17,546,000 after purchasing an additional 1,600,000 shares during the period. Institutional investors own 70.37% of the company’s stock.

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.