Prime Medicine, Inc. (NASDAQ:PRME) Stock Has Consensus Price Target of $7.47 According to Analysts

Prime Medicine, Inc. (NASDAQ:PRME) has received an average rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $7.47.

A number of equities analysts recently weighed in on PRME shares. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. BMO Capital Markets started coverage on shares of Prime Medicine in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $8.00 price objective on shares of Prime Medicine in a report on Monday, August 10th. Chardan Capital started coverage on Prime Medicine in a research report on Tuesday, August 25th. They set a “buy” rating and a $7.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in the company. Alphabet Inc. bought a new position in Prime Medicine during the second quarter valued at $61,116,000. BlackRock Inc. purchased a new position in shares of Prime Medicine in the 2nd quarter worth approximately $35,432,000. Redmile Group LLC purchased a new position in shares of Prime Medicine in the 1st quarter worth approximately $5,536,000. ADAR1 Capital Management LLC bought a new position in shares of Prime Medicine during the 2nd quarter valued at approximately $7,371,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Prime Medicine by 262.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company’s stock valued at $1,060,000 after purchasing an additional 220,468 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Price Performance

PRME stock opened at $3.07 on Tuesday. Prime Medicine has a 1-year low of $2.67 and a 1-year high of $6.94. The company has a market capitalization of $556.84 million, a price-to-earnings ratio of -2.90 and a beta of 2.34. The business has a 50 day simple moving average of $3.25 and a two-hundred day simple moving average of $3.37.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.24). The firm had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Sell-side analysts anticipate that Prime Medicine will post -0.96 EPS for the current fiscal year.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.