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

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

A number of other research analysts have also commented on the company. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Chardan Capital dropped their target price 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. Guggenheim reissued a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a research report on Tuesday, December 3rd. JMP Securities assumed coverage on Prime Medicine in a research note on Tuesday, December 10th. They set an “outperform” rating and a $10.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $12.67.

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $2.76 on Tuesday. The firm has a market cap of $362.00 million, a price-to-earnings ratio of -1.35 and a beta of 1.89. The stock has a 50-day simple moving average of $3.54 and a 200-day simple moving average of $4.36. Prime Medicine has a 52-week low of $2.56 and a 52-week high of $9.80.

Prime Medicine (NYSE:PRME) last posted its 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 business had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $55.00 million. As a group, equities research analysts predict that Prime Medicine will post -1.7 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted 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 purchasing an additional 63,456 shares during the period. Millennium Management LLC lifted its position 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 worth $6,841,000 after buying an additional 895,610 shares during the period. State Street Corp boosted its stake in 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 buying an additional 43,086 shares in the last quarter. Vestal Point Capital LP grew its position in Prime Medicine by 137.8% in the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after acquiring an additional 620,000 shares during the period. Finally, Deerfield Management Company L.P. Series C boosted its stake in shares of Prime Medicine by 1.3% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 896,960 shares of the company’s stock valued at $4,610,000 after purchasing an additional 11,646 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

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.