Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $10.08

Prime Medicine, Inc. (NYSE:PRME) has been assigned an average rating of “Moderate Buy” from the eight analysts that are covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $10.08.

PRME has been the subject of several research reports. HC Wainwright cut Prime Medicine from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 20th. Citigroup reaffirmed a “neutral” rating and issued a $1.50 target price (down previously from $10.00) on shares of Prime Medicine in a research note on Tuesday, May 27th. Wall Street Zen raised shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Chardan Capital reduced their target price on shares of Prime Medicine from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, May 19th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th.

Prime Medicine Stock Performance

NYSE PRME opened at $1.55 on Wednesday. The stock has a fifty day moving average of $1.39 and a 200-day moving average of $2.23. The stock has a market capitalization of $203.51 million, a P/E ratio of -0.76 and a beta of 1.56. Prime Medicine has a 52 week low of $1.11 and a 52 week high of $8.14.

Institutional Trading of Prime Medicine

A number of hedge funds have recently modified their holdings of PRME. SG Americas Securities LLC raised its position in shares of Prime Medicine by 28.2% in the 4th quarter. SG Americas Securities LLC now owns 60,229 shares of the company’s stock valued at $176,000 after acquiring an additional 13,247 shares during the period. China Universal Asset Management Co. Ltd. raised its position in shares of Prime Medicine by 20.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock valued at $81,000 after acquiring an additional 4,725 shares during the period. Crestwood Advisors Group LLC acquired a new stake in shares of Prime Medicine in the 4th quarter valued at approximately $93,000. Levin Capital Strategies L.P. raised its position in shares of Prime Medicine by 7.1% in the 4th quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company’s stock valued at $219,000 after acquiring an additional 5,000 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Prime Medicine by 4.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company’s stock valued at $1,415,000 after acquiring an additional 20,614 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.