Prime Medicine (NYSE:PRME) Coverage Initiated by Analysts at JMP Securities

JMP Securities started coverage on shares of Prime Medicine (NYSE:PRME) in a report published on Tuesday morning, MarketBeat reports. The brokerage issued an outperform rating and a $10.00 price objective on the stock.

Several other analysts have also recently weighed in on PRME. Guggenheim reaffirmed a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. StockNews.com raised shares of Prime Medicine to a “sell” rating in a report on Thursday, November 14th. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, November 13th. Finally, Chardan Capital cut their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.67.

Prime Medicine Stock Performance

Shares of PRME opened at $3.22 on Tuesday. The stock has a market capitalization of $422.34 million, a PE ratio of -1.57 and a beta of 1.89. Prime Medicine has a 1 year low of $2.85 and a 1 year high of $9.86. The company’s 50-day simple moving average is $3.69 and its 200-day simple moving average is $4.65.

Prime Medicine (NYSE:PRME) last issued its earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The company had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $55.00 million. On average, sell-side analysts predict that Prime Medicine will post -1.7 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently modified their holdings of the business. Barclays PLC grew its position in shares of Prime Medicine by 343.3% during the third quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after acquiring an additional 65,593 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Prime Medicine by 4.9% during the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after acquiring an additional 63,456 shares during the last quarter. State Street Corp grew its position in Prime Medicine by 3.9% in the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock valued at $4,439,000 after buying an additional 43,086 shares during the last quarter. Benjamin Edwards Inc. grew its position in Prime Medicine by 12,371.0% in the 3rd quarter. Benjamin Edwards Inc. now owns 23,196 shares of the company’s stock valued at $90,000 after buying an additional 23,010 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in Prime Medicine in the 3rd quarter valued at $45,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.