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

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

Several other research firms have also recently weighed in on PRME. Wedbush reiterated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. 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 target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.25.

Prime Medicine Stock Performance

Prime Medicine stock opened at $3.35 on Thursday. The business’s 50-day simple moving average is $3.88 and its 200-day simple moving average is $5.01. Prime Medicine has a 52 week low of $3.28 and a 52 week high of $9.86. The firm has a market capitalization of $439.39 million, a PE ratio of -1.63 and a beta of 2.09.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The business had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million. Research analysts forecast that Prime Medicine will post -1.71 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC bought a new position in Prime Medicine in the 1st quarter valued at $148,000. ProShare Advisors LLC grew its holdings in Prime Medicine by 19.8% during the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after acquiring an additional 2,520 shares during the last quarter. Vanguard Group Inc. increased its position in Prime Medicine by 43.1% in the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after acquiring an additional 1,746,534 shares in the last quarter. Westwood Holdings Group Inc. bought a new position in shares of Prime Medicine in the first quarter worth about $1,115,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Prime Medicine by 13.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.