Prime Medicine (NYSE:PRME) Rating Increased to Sell at StockNews.com

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

PRME has been the topic of a number of other research reports. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. JMP Securities assumed coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. Guggenheim reiterated a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. Finally, Chardan Capital lowered their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

Prime Medicine Stock Performance

Shares of PRME stock opened at $2.60 on Tuesday. The company’s 50-day moving average is $2.90 and its 200 day moving average is $3.59. The company has a market capitalization of $341.02 million, a price-to-earnings ratio of -1.27 and a beta of 1.86. Prime Medicine has a one year low of $2.25 and a one year high of $9.77.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $55.00 million. As a group, research analysts predict that Prime Medicine will post -1.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. PEAK6 LLC purchased a new position in Prime Medicine during the fourth quarter worth $88,000. Walleye Capital LLC lifted its position in shares of Prime Medicine by 272.5% during the fourth quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock worth $1,179,000 after purchasing an additional 295,365 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Prime Medicine during the fourth quarter valued at $42,000. Barclays PLC boosted its stake in shares of Prime Medicine by 15.3% during the fourth quarter. Barclays PLC now owns 97,621 shares of the company’s stock valued at $285,000 after purchasing an additional 12,924 shares during the period. Finally, Aristides Capital LLC purchased a new stake in shares of Prime Medicine during the fourth quarter valued at $206,000. 70.37% of the stock is 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.