Prime Medicine (NYSE:PRME) Lifted to “Sell” at StockNews.com

Prime Medicine (NYSE:PRME) was upgraded by research analysts at StockNews.com to a “sell” rating in a report released on Wednesday.

PRME has been the topic of a number of other reports. TD Cowen initiated coverage on shares of Prime Medicine in a research note on Monday, April 8th. They issued a “buy” rating on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $15.00 target price (down from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. JPMorgan Chase & Co. decreased their target price on shares of Prime Medicine from $16.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Chardan Capital initiated coverage on shares of Prime Medicine in a research note on Monday, April 22nd. They issued a “buy” rating and a $17.00 target price on the stock. Finally, HC Wainwright initiated coverage on shares of Prime Medicine in a research note on Monday, May 20th. They issued a “buy” rating and a $10.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and an average price target of $15.09.

Prime Medicine Stock Up 8.1 %

NYSE:PRME opened at $6.00 on Wednesday. Prime Medicine has a 52 week low of $4.11 and a 52 week high of $15.75. The stock has a market capitalization of $720.18 million, a PE ratio of -2.76 and a beta of 2.25. The stock’s 50-day moving average price is $6.31 and its 200-day moving average price is $6.85.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Friday, May 10th. The company reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.01. The company had revenue of $0.59 million during the quarter. Sell-side analysts expect that Prime Medicine will post -1.64 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

Several institutional investors have recently made changes to their positions in the company. Chelsea Counsel Co. increased its holdings in Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after purchasing an additional 4,400 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Prime Medicine in the 4th quarter valued at approximately $90,000. China Universal Asset Management Co. Ltd. acquired a new stake in Prime Medicine in the 4th quarter valued at approximately $100,000. ProShare Advisors LLC increased its holdings in Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Prime Medicine in the 1st quarter valued at approximately $148,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.