Lifesci Capital Begins Coverage on Prime Medicine (NYSE:PRME)

Equities research analysts at Lifesci Capital started coverage on shares of Prime Medicine (NYSE:PRME) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage set an “outperform” rating and a $6.00 price target on the stock. Lifesci Capital’s target price points to a potential upside of 63.13% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research report on Monday, November 10th. Chardan Capital reduced their price target on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a report on Monday, November 10th. Finally, Citigroup dropped their price objective on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.21.

Prime Medicine Stock Down 0.6%

Shares of NYSE:PRME traded down $0.02 during trading on Tuesday, hitting $3.68. 795,943 shares of the stock traded hands, compared to its average volume of 2,979,656. The company has a fifty day moving average price of $4.26 and a two-hundred day moving average price of $3.99. Prime Medicine has a 52-week low of $1.11 and a 52-week high of $6.94. The company has a market cap of $663.92 million, a price-to-earnings ratio of -1.79 and a beta of 2.69.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently made changes to their positions in PRME. Levin Capital Strategies L.P. grew its stake in Prime Medicine by 300.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 140,000 shares of the company’s stock valued at $346,000 after acquiring an additional 105,000 shares in the last quarter. Palumbo Wealth Management LLC boosted its holdings in shares of Prime Medicine by 92.1% during the 2nd quarter. Palumbo Wealth Management LLC now owns 183,358 shares of the company’s stock worth $453,000 after purchasing an additional 87,896 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Prime Medicine by 52.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock valued at $57,000 after purchasing an additional 7,954 shares in the last quarter. Ieq Capital LLC acquired a new stake in shares of Prime Medicine in the first quarter valued at approximately $69,000. Finally, Greenwich Wealth Management LLC increased its holdings in shares of Prime Medicine by 3.3% in the second quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company’s stock valued at $2,090,000 after purchasing an additional 27,200 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

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.