Prime Medicine (NYSE:PRME) Raised to Sell at StockNews.com

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

PRME has been the subject of several other reports. Chardan Capital lowered their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. JMP Securities initiated coverage on Prime Medicine in a research note on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Wednesday, November 13th. Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Guggenheim reaffirmed a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.13.

Prime Medicine Trading Down 5.8 %

Shares of NYSE:PRME opened at $2.28 on Tuesday. The firm has a market cap of $299.04 million, a PE ratio of -1.11 and a beta of 1.86. The company has a fifty day simple moving average of $2.93 and a 200 day simple moving average of $3.62. Prime Medicine has a 12-month low of $2.26 and a 12-month high of $9.77.

Prime Medicine (NYSE:PRME) last released its earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. As a group, equities research analysts forecast that Prime Medicine will post -1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently made changes to their positions in the business. American Century Companies Inc. bought a new position in Prime Medicine in the 4th quarter worth approximately $33,000. Nisa Investment Advisors LLC increased its holdings in shares of Prime Medicine by 11,474.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock valued at $37,000 after purchasing an additional 12,507 shares during the period. Paloma Partners Management Co bought a new stake in shares of Prime Medicine during the third quarter valued at about $45,000. AXQ Capital LP acquired a new stake in Prime Medicine in the fourth quarter worth about $45,000. Finally, Impact Partnership Wealth LLC acquired a new stake in Prime Medicine in the fourth quarter worth about $50,000. 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.