Prime Medicine, Inc. (NYSE:PRME) Given Consensus Rating of “Moderate Buy” by Brokerages

Prime Medicine, Inc. (NYSE:PRME) has been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the firm, Marketbeat reports. Three 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 price target among analysts that have issued a report on the stock in the last year is $9.2083.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Alphabet Inc. lifted its position in shares of Prime Medicine by 10.0% during the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock worth $91,756,000 after buying an additional 1,500,000 shares during the last quarter. ARK Investment Management LLC boosted its holdings in shares of Prime Medicine by 135.8% in the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock valued at $30,347,000 after acquiring an additional 3,155,182 shares during the period. Vanguard Group Inc. grew its position in shares of Prime Medicine by 35.7% during the third quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock worth $27,267,000 after acquiring an additional 1,294,355 shares during the last quarter. Farallon Capital Management LLC increased its holdings in shares of Prime Medicine by 533.3% in the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock valued at $26,315,000 after acquiring an additional 4,000,000 shares during the period. Finally, T. Rowe Price Investment Management Inc. raised its position in Prime Medicine by 4.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company’s stock valued at $8,245,000 after purchasing an additional 165,268 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Trading Up 3.1%

Shares of NYSE PRME opened at $3.83 on Wednesday. The stock has a market cap of $690.45 million, a PE ratio of -1.87 and a beta of 2.64. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $6.94. The company has a 50-day moving average of $4.86 and a 200 day moving average of $3.70.

Prime Medicine Company Profile

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.