Brokerages Set Prime Medicine, Inc. (NYSE:PRME) Price Target at $7.21

Shares of Prime Medicine, Inc. (NYSE:PRME) have earned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $7.2083.

Several equities research analysts have issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $8.00 price target on shares of Prime Medicine in a report on Monday, November 10th. Chardan Capital decreased their target price on shares of Prime Medicine from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Lifesci Capital assumed coverage on shares of Prime Medicine in a research report on Tuesday, December 23rd. They issued an “outperform” rating and a $6.00 price target for the company. Finally, Citigroup cut their price target on shares of Prime Medicine from $5.00 to $4.25 and set a “neutral” rating for the company in a research note on Tuesday, November 11th.

Institutional Trading of Prime Medicine

Institutional investors have recently bought and sold shares of the stock. Levin Capital Strategies L.P. grew its stake in Prime Medicine by 300.0% during the second quarter. Levin Capital Strategies L.P. now owns 140,000 shares of the company’s stock worth $346,000 after buying an additional 105,000 shares during the last quarter. Palumbo Wealth Management LLC boosted its holdings in shares of Prime Medicine by 92.1% in the 2nd quarter. Palumbo Wealth Management LLC now owns 183,358 shares of the company’s stock worth $453,000 after acquiring an additional 87,896 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Prime Medicine by 52.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 23,191 shares of the company’s stock worth $57,000 after acquiring an additional 7,954 shares during the last quarter. Greenwich Wealth Management LLC increased its holdings in Prime Medicine by 3.3% during the 2nd quarter. Greenwich Wealth Management LLC now owns 846,201 shares of the company’s stock valued at $2,090,000 after purchasing an additional 27,200 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Prime Medicine by 112.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,007 shares of the company’s stock valued at $64,000 after purchasing an additional 13,777 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Trading Down 0.3%

PRME opened at $3.98 on Thursday. The stock’s 50 day simple moving average is $3.76 and its 200-day simple moving average is $4.21. The stock has a market cap of $718.43 million, a PE ratio of -1.94 and a beta of 2.71. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.94.

Prime Medicine Company Profile

Prime Medicine, Inc (NYSE: PRME) is a clinical-stage genetic medicines company focused on harnessing the potential of prime editing, an advanced CRISPR-derived gene editing technology. By refining the tools required for precise correction of disease-causing mutations, Prime Medicine aims to develop single-dose treatments that address underlying genetic drivers of disease. The company applies its proprietary engineering and delivery platforms to optimize on-target efficiency and minimize off-target effects, positioning itself at the forefront of next-generation gene editing therapeutics.

Prime Medicine’s research and development efforts span multiple therapeutic areas, including rare genetic disorders, immuno-oncology, and autoimmune diseases.