Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Target Price at $7.45

Prime Medicine, Inc. (NYSE:PRME) has earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $7.2083.

A number of research analysts have commented on the company. Wedbush restated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, November 10th. Citigroup decreased their target price on Prime Medicine from $5.00 to $4.25 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Chardan Capital dropped their target price on Prime Medicine from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Finally, Lifesci Capital began coverage on shares of Prime Medicine in a research note on Tuesday. They set an “outperform” rating and a $6.00 price target on the stock.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRME. Russell Investments Group Ltd. increased its position in shares of Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares during the period. Jones Financial Companies Lllp acquired a new position in Prime Medicine during the 3rd quarter worth $49,000. Sterling Investment Advisors Ltd. acquired a new stake in Prime Medicine in the 3rd quarter valued at about $55,000. Creative Planning acquired a new stake in Prime Medicine in the 2nd quarter valued at about $25,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Prime Medicine in the 3rd quarter valued at about $56,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Stock Performance

NYSE:PRME opened at $3.69 on Friday. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The company has a 50 day moving average price of $4.21 and a 200 day moving average price of $4.00. The stock has a market capitalization of $666.09 million, a P/E ratio of -1.80 and a beta of 2.70.

About Prime Medicine

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.