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

Prime Medicine, Inc. (NASDAQ:PRME) has been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $7.75.

PRME has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prime Medicine in a research report on Monday, December 29th. Oppenheimer started coverage on shares of Prime Medicine in a research note on Thursday. They issued an “outperform” rating and a $11.00 target price on the stock. Finally, Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd.

Prime Medicine Trading Down 2.6%

PRME stock opened at $3.73 on Friday. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $6.94. The company has a market capitalization of $673.45 million, a P/E ratio of -2.76 and a beta of 2.56. The business’s fifty day moving average price is $3.87.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently bought and sold shares of PRME. Alphabet Inc. boosted its position in shares of Prime Medicine by 10.0% in the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock worth $91,756,000 after purchasing an additional 1,500,000 shares during the last quarter. ARK Investment Management LLC increased its holdings in Prime Medicine by 135.8% in the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after purchasing an additional 3,155,182 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Prime Medicine by 127.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock valued at $20,110,000 after buying an additional 2,035,406 shares during the period. HighTower Advisors LLC lifted its stake in Prime Medicine by 1,463.0% in 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, DNB Asset Management AS bought a new position in Prime Medicine during the third quarter worth about $1,009,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Company Profile

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.