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

Prime Medicine, Inc. (NASDAQ:PRME) has been given an average rating of “Moderate Buy” by the six research firms that are currently covering the company, MarketBeat reports. One 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 given a strong buy rating 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 recently commented on PRME. Oppenheimer began 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. Wall Street Zen cut shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. Finally, Lifesci Capital raised Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of PRME. Chelsea Counsel Co. lifted its stake in shares of Prime Medicine by 103.7% in the 1st quarter. Chelsea Counsel Co. now owns 462,340 shares of the company’s stock valued at $1,609,000 after purchasing an additional 235,340 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in Prime Medicine during the 1st quarter worth approximately $6,867,000. Royal Bank of Canada raised its holdings in 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. Redmile Group LLC purchased a new position in Prime Medicine in the first quarter valued at approximately $5,536,000. Finally, Sei Investments Co. acquired a new position in Prime Medicine during the first quarter valued at approximately $102,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Trading Up 2.2%

Shares of NASDAQ:PRME opened at $3.23 on Friday. The stock’s 50-day moving average price is $3.30 and its two-hundred day moving average price is $3.60. Prime Medicine has a 12-month low of $1.77 and a 12-month high of $6.94. The firm has a market cap of $583.40 million, a price-to-earnings ratio of -2.63 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The company 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%. As a group, research analysts forecast that Prime Medicine will post -0.98 earnings per share for the current fiscal year.

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.