Prime Medicine (NYSE:PRME) Given Buy Rating at Guggenheim

Guggenheim reissued their buy rating on shares of Prime Medicine (NYSE:PRME) in a report issued on Tuesday morning,Benzinga reports. Guggenheim currently has a $18.00 price objective on the stock.

A number of other equities research analysts have also weighed in on the company. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Thursday, November 14th. Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research report on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th. Finally, Chardan Capital dropped 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 analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and a consensus price target of $13.00.

Prime Medicine Stock Down 9.3 %

NYSE:PRME opened at $3.13 on Tuesday. The stock has a market capitalization of $410.53 million, a price-to-earnings ratio of -1.53 and a beta of 1.88. Prime Medicine has a 52 week low of $2.85 and a 52 week high of $9.86. The firm has a 50 day moving average of $3.72 and a 200 day moving average of $4.77.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate 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. As a group, analysts expect that Prime Medicine will post -1.7 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors have recently modified their holdings of PRME. ARK Investment Management LLC grew its holdings in Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock worth $31,492,000 after acquiring an additional 133,419 shares during the period. Vanguard Group Inc. grew its stake in shares of Prime Medicine by 43.1% during the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after purchasing an additional 1,746,534 shares during the period. Geode Capital Management LLC grew its stake in shares of Prime Medicine by 4.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after purchasing an additional 63,456 shares during the period. Millennium Management LLC increased its holdings in shares of Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after purchasing an additional 895,610 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of 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 purchasing an additional 43,086 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.