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

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

A number of other brokerages have also recently issued reports on PRME. Citigroup raised shares of Prime Medicine from a neutral rating to a buy rating and set a $10.00 target price for the company in a report on Thursday, May 16th. TD Cowen initiated coverage on Prime Medicine in a research note on Monday, April 8th. They issued a buy rating for the company. HC Wainwright started coverage on Prime Medicine in a research report on Monday, May 20th. They set a buy rating and a $10.00 target price on the stock. Wedbush restated an outperform rating and issued a $12.00 price target on shares of Prime Medicine in a research report on Tuesday, April 23rd. Finally, Guggenheim decreased their price objective on shares of Prime Medicine from $24.00 to $20.00 and set a buy rating on the stock in a research report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $15.09.

Prime Medicine Price Performance

Prime Medicine stock opened at $5.89 on Tuesday. The stock’s 50 day moving average price is $6.17 and its 200 day moving average price is $7.10. The company has a market cap of $706.98 million, a PE ratio of -2.71 and a beta of 2.34. Prime Medicine has a 1-year low of $4.11 and a 1-year high of $15.75.

Prime Medicine (NYSE:PRME) last issued its earnings results on Friday, May 10th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.01. The company had revenue of $0.59 million for the quarter. On average, equities research analysts anticipate that Prime Medicine will post -1.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. ARK Investment Management LLC increased its stake in shares of Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after acquiring an additional 515,841 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Prime Medicine by 13.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after acquiring an additional 301,431 shares during the period. Redmile Group LLC boosted its position in shares of Prime Medicine by 56.6% in the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after acquiring an additional 750,000 shares during the last quarter. Finally, Farallon Capital Management LLC purchased a new stake in Prime Medicine in the first quarter valued at approximately $5,250,000. 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.