Prime Medicine (NYSE:PRME) Upgraded at StockNews.com

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

Several other analysts also recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research note on Wednesday, November 13th. Guggenheim reissued a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. JMP Securities began coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on the stock. Finally, Chardan Capital dropped their price objective 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, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $13.13.

Prime Medicine Trading Up 0.7 %

Shares of NYSE PRME opened at $2.89 on Wednesday. The stock’s 50-day moving average is $3.13 and its 200 day moving average is $3.96. The stock has a market cap of $379.05 million, a price-to-earnings ratio of -1.41 and a beta of 1.86. Prime Medicine has a 1-year low of $2.56 and a 1-year high of $9.77.

Prime Medicine (NYSE:PRME) last posted 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 for the quarter, compared to analysts’ expectations of $55.00 million. On average, analysts forecast that Prime Medicine will post -1.68 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

Several large investors have recently bought and sold shares of the company. Vestal Point Capital LP raised its position in shares of Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after acquiring an additional 620,000 shares in the last quarter. Millennium Management LLC grew its stake in Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares during the period. Westwood Holdings Group Inc. raised its holdings in Prime Medicine by 125.0% in the second quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company’s stock worth $1,843,000 after purchasing an additional 199,229 shares in the last quarter. Geode Capital Management LLC lifted its position 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 valued at $5,264,000 after buying an additional 63,456 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Prime Medicine by 343.3% during the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock valued at $328,000 after buying an additional 65,593 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.