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

Shares of Prime Medicine, Inc. (NASDAQ:PRME) have received a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the firm, 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 1 year price target among analysts that have covered the stock in the last year is $7.5312.

PRME has been the topic of several research analyst reports. Wall Street Zen cut shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a report on Monday, June 22nd. New Street Research set a $8.00 price objective on Prime Medicine in a report on Monday, June 29th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd.

Prime Medicine Stock Down 7.1%

Shares of PRME opened at $3.51 on Thursday. Prime Medicine has a twelve month low of $2.67 and a twelve month high of $6.94. The stock has a market cap of $633.98 million, a PE ratio of -2.85 and a beta of 2.26. The business’s 50-day moving average price is $3.30 and its 200-day moving average price is $3.58.

Prime Medicine (NASDAQ:PRME) last released 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). The firm had revenue of $0.86 million for the quarter. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. Analysts expect that Prime Medicine will post -0.98 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the company. Farallon Capital Management LLC lifted its holdings in shares of Prime Medicine by 533.3% in the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after acquiring an additional 4,000,000 shares during the last quarter. Casdin Capital LLC grew its holdings in shares of 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 purchasing an additional 1,600,000 shares during the last quarter. UBS Group AG raised its position in Prime Medicine by 700.8% in the 4th quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock worth $8,469,000 after purchasing an additional 2,135,810 shares during the period. MWG Caph Ltd purchased a new position in Prime Medicine in the 4th quarter worth $6,219,000. Finally, Oppenheimer & Co. Inc. bought a new stake in Prime Medicine in the fourth quarter worth $43,000. 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.