Prime Medicine (NYSE:PRME) Upgraded to “Sell” at StockNews.com

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

PRME has been the subject of a number of other research reports. JMP Securities began coverage on Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price for the company. 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. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Chardan Capital dropped their price target 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. Finally, 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.67.

Prime Medicine Price Performance

PRME stock traded down $0.05 during trading on Tuesday, hitting $2.76. 563,349 shares of the stock traded hands, compared to its average volume of 1,012,338. The stock has a market cap of $362.00 million, a price-to-earnings ratio of -1.35 and a beta of 1.89. Prime Medicine has a 1 year low of $2.56 and a 1 year high of $9.80. The firm’s 50 day moving average is $3.56 and its two-hundred day moving average is $4.39.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $55.00 million. As a group, analysts anticipate that Prime Medicine will post -1.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently modified their holdings of the stock. National Bank of Canada FI purchased a new stake in Prime Medicine in the 2nd quarter worth approximately $34,000. Nisa Investment Advisors LLC boosted its position in shares of Prime Medicine by 22,652.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock worth $40,000 after purchasing an additional 7,702 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Prime Medicine in the third quarter worth $45,000. Intech Investment Management LLC bought a new stake in shares of Prime Medicine during the 3rd quarter valued at $55,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in shares of Prime Medicine during the 2nd quarter valued at $97,000. 70.37% of the stock is currently owned by hedge funds and other 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.