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

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $7.5312.

Several equities research analysts have commented on PRME shares. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen downgraded Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Oppenheimer began coverage on Prime Medicine in a research note on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price target on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Finally, The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research note on Monday, June 22nd.

Prime Medicine Stock Up 15.8%

Shares of NASDAQ PRME opened at $4.62 on Thursday. The firm has a market cap of $834.46 million, a price-to-earnings ratio of -3.76 and a beta of 2.26. The company’s 50-day simple moving average is $3.28 and its 200-day simple moving average is $3.57. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $6.94.

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

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of PRME. Farallon Capital Management LLC lifted its stake in shares of Prime Medicine by 533.3% in the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after buying an additional 4,000,000 shares in the last quarter. Casdin Capital LLC grew its stake in Prime Medicine by 102.1% during the 3rd quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock valued at $17,546,000 after acquiring an additional 1,600,000 shares in the last quarter. UBS Group AG grew its stake in Prime Medicine by 700.8% during the 4th quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock valued at $8,469,000 after acquiring an additional 2,135,810 shares in the last quarter. MWG Caph Ltd acquired a new stake in Prime Medicine in the 4th quarter valued at about $6,219,000. Finally, ProShare Advisors LLC raised its holdings in Prime Medicine by 37.0% in the 4th quarter. ProShare Advisors LLC now owns 26,158 shares of the company’s stock valued at $91,000 after acquiring an additional 7,059 shares during the last quarter. Hedge funds and other 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.