Prime Medicine (NYSE:PRME) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME) to a sell rating in a research note released on Monday morning.

Several other equities analysts have also recently issued reports on PRME. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research report on Wednesday, November 13th. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Chardan Capital lowered their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Guggenheim reiterated a “buy” rating and issued a $18.00 price target on shares of Prime Medicine in a research report on Tuesday, December 3rd. Finally, JMP Securities initiated coverage on Prime Medicine in a research report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Prime Medicine Stock Down 4.0 %

NYSE PRME opened at $3.15 on Monday. Prime Medicine has a twelve month low of $2.56 and a twelve month high of $9.77. The business’s fifty day moving average is $3.29 and its 200 day moving average is $4.08. The company has a market cap of $413.16 million, a price-to-earnings ratio of -1.54 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. On average, research analysts anticipate that Prime Medicine will post -1.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the business. Barclays PLC grew its position in shares of Prime Medicine by 343.3% during the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after buying an additional 65,593 shares during the period. Geode Capital Management LLC boosted its stake in 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 in the last quarter. State Street Corp boosted its stake in Prime Medicine by 3.9% during the third quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after acquiring an additional 43,086 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in Prime Medicine by 12,371.0% in the third quarter. Benjamin Edwards Inc. now owns 23,196 shares of the company’s stock worth $90,000 after purchasing an additional 23,010 shares during the period. Finally, Paloma Partners Management Co bought a new stake in Prime Medicine in the third quarter valued at $45,000. 70.37% of the stock is currently owned by 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.