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

Prime Medicine, Inc. (NASDAQ:PRME) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $7.65.

PRME has been the subject of a number of research reports. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Finally, Oppenheimer assumed coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 target price for the company.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Shelton Wealth Management LLC increased its stake in shares of Prime Medicine by 15.8% during the fourth quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock valued at $70,000 after purchasing an additional 2,734 shares in the last quarter. Sterling Investment Advisors Ltd. increased its stake in shares of Prime Medicine by 34.0% during the fourth quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock valued at $46,000 after purchasing an additional 3,400 shares in the last quarter. Squarepoint Ops LLC increased its stake in shares of Prime Medicine by 10.5% during the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock valued at $219,000 after purchasing an additional 3,775 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Prime Medicine by 16.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 30,650 shares of the company’s stock valued at $170,000 after purchasing an additional 4,280 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in shares of Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after purchasing an additional 4,365 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Price Performance

PRME stock opened at $2.97 on Wednesday. Prime Medicine has a 1 year low of $1.18 and a 1 year high of $6.94. The company has a market cap of $536.44 million, a P/E ratio of -2.41 and a beta of 2.35. The firm has a 50-day moving average of $3.42 and a 200 day moving average of $3.67.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.The company had revenue of $0.86 million during the quarter. On average, equities research analysts expect that Prime Medicine will post -0.98 earnings per share for the current fiscal year.

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.