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 published on Monday.

A number of other equities analysts also recently issued reports on the stock. JMP Securities assumed coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price objective on the stock. Chardan Capital cut their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. Finally, Guggenheim reissued a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Prime Medicine Trading Down 2.4 %

Shares of PRME stock opened at $3.27 on Monday. Prime Medicine has a twelve month low of $2.56 and a twelve month high of $9.77. The stock has a fifty day simple moving average of $3.35 and a two-hundred day simple moving average of $4.13. The stock has a market capitalization of $428.90 million, a price-to-earnings ratio of -1.60 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. Research analysts predict that Prime Medicine will post -1.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently made changes to their positions in PRME. Millennium Management LLC grew its stake in Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after purchasing an additional 895,610 shares during the last quarter. Vestal Point Capital LP lifted its holdings in shares of Prime Medicine by 137.8% during the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after purchasing an additional 620,000 shares during the period. Westwood Holdings Group Inc. boosted its position in Prime Medicine by 125.0% in the second quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company’s stock valued at $1,843,000 after buying an additional 199,229 shares during the last quarter. Walleye Capital LLC acquired a new position in Prime Medicine in the 3rd quarter worth approximately $419,000. Finally, GSA Capital Partners LLP purchased a new position in Prime Medicine during the 3rd quarter worth approximately $383,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.