Brokerages Set Prime Medicine, Inc. (NYSE:PRME) PT at $9.25

Prime Medicine, Inc. (NYSE:PRME) has received an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $9.25.

Several equities analysts have issued reports on PRME shares. Chardan Capital cut their target price on Prime Medicine from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday, May 19th. JMP Securities cut their price objective on shares of Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 20th. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Wedbush restated an “outperform” rating and issued a $8.00 target price on shares of Prime Medicine in a research note on Wednesday, July 16th. Finally, HC Wainwright lowered shares of Prime Medicine from a “buy” rating to a “neutral” rating in a report on Tuesday, May 20th.

Insider Activity at Prime Medicine

In related news, major shareholder David R. Liu bought 21,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was bought at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the purchase, the insider directly owned 20,219,945 shares of the company’s stock, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 63,000 shares of company stock valued at $110,250. Company insiders own 22.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Prime Medicine by 4.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company’s stock valued at $1,415,000 after buying an additional 20,614 shares during the last quarter. American Century Companies Inc. acquired a new stake in Prime Medicine during the 4th quarter worth about $33,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Prime Medicine by 115.9% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 60,685 shares of the company’s stock valued at $177,000 after purchasing an additional 32,572 shares during the last quarter. Geode Capital Management LLC grew its stake in Prime Medicine by 7.9% during the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company’s stock valued at $4,287,000 after purchasing an additional 107,627 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Prime Medicine in the fourth quarter valued at about $385,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Trading Down 2.9%

PRME opened at $4.09 on Thursday. The firm has a market cap of $550.09 million, a price-to-earnings ratio of -2.00 and a beta of 2.33. Prime Medicine has a 12 month low of $1.11 and a 12 month high of $5.94. The stock has a fifty day moving average price of $2.60 and a 200-day moving average price of $2.27.

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.