Prime Medicine, Inc. (NYSE:PRME) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Prime Medicine, Inc. (NYSE:PRME) have been given an average rating of “Moderate Buy” by the seven brokerages that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $7.2083.

PRME has been the subject of a number of research reports. Wedbush reiterated an “outperform” rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, November 10th. Chardan Capital cut their target price on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Lifesci Capital assumed coverage on shares of Prime Medicine in a research note on Tuesday, December 23rd. They set an “outperform” rating and a $6.00 price target for the company. Finally, Citigroup dropped their price objective on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th.

Prime Medicine Stock Performance

Prime Medicine stock opened at $3.30 on Monday. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The company has a market capitalization of $595.69 million, a P/E ratio of -1.61 and a beta of 2.70. The stock has a 50-day simple moving average of $3.83 and a 200-day simple moving average of $4.17.

Institutional Trading of Prime Medicine

Hedge funds have recently added to or reduced their stakes in the stock. Levin Capital Strategies L.P. raised its stake in shares of Prime Medicine by 300.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 140,000 shares of the company’s stock worth $346,000 after buying an additional 105,000 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Prime Medicine by 127.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,629,924 shares of the company’s stock worth $20,110,000 after acquiring an additional 2,035,406 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in Prime Medicine by 52.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock worth $57,000 after acquiring an additional 7,954 shares in the last quarter. Greenwich Wealth Management LLC lifted its holdings in 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 acquiring an additional 27,200 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Prime Medicine by 112.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,007 shares of the company’s stock valued at $64,000 after acquiring an additional 13,777 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

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.