Prime Medicine, Inc. (NASDAQ:PRME) Stock Has Average Target Price of $7.47

Prime Medicine, Inc. (NASDAQ:PRME) has been assigned an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $7.47.

A number of equities research analysts have issued reports on PRME shares. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a report on Friday, September 25th. Jefferies Financial Group reaffirmed a “market outperform” rating on shares of Prime Medicine in a report on Monday, September 28th. BMO Capital Markets began coverage on Prime Medicine in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price target on the stock. New Street Research set a $8.00 price target on Prime Medicine in a report on Monday, June 29th. Finally, Chardan Capital restated a “buy” rating and set a $7.00 price target on shares of Prime Medicine in a research note on Friday, September 25th.

Prime Medicine Price Performance

Shares of PRME stock traded down $0.06 during trading on Friday, reaching $3.67. The company had a trading volume of 4,560,304 shares, compared to its average volume of 5,169,222. The firm’s 50 day simple moving average is $3.41 and its two-hundred day simple moving average is $3.35. Prime Medicine has a one year low of $2.67 and a one year high of $5.55. The company has a market capitalization of $665.66 million, a PE ratio of -3.46 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The company had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Analysts forecast that Prime Medicine will post -0.97 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada lifted its holdings in Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after buying an additional 4,365 shares during the period. Kingsview Wealth Management LLC acquired a new stake in shares of Prime Medicine in the second quarter valued at about $37,000. Wealthfront Advisers LLC bought a new stake in Prime Medicine during the first quarter worth $36,000. Syon Capital LLC acquired a new stake in shares of Prime Medicine in the second quarter valued at approximately $41,000. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Prime Medicine during the 1st quarter worth about $41,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.