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

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

A number of other equities research analysts have also recently issued reports on PRME. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. Chardan Capital cut their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Guggenheim reiterated a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a report on Tuesday, December 3rd. JMP Securities started coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price target for the company. Finally, Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.13.

Prime Medicine Trading Up 2.0 %

Shares of NYSE:PRME opened at $2.60 on Tuesday. The company has a 50 day moving average of $2.90 and a 200 day moving average of $3.59. The stock has a market cap of $341.02 million, a P/E ratio of -1.27 and a beta of 1.86. Prime Medicine has a 12 month low of $2.25 and a 12 month high of $9.77.

Prime Medicine (NYSE:PRME) last released 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 business had revenue of $0.21 million for the quarter, compared to analyst estimates of $55.00 million. On average, equities analysts forecast that Prime Medicine will post -1.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. purchased a new stake in shares of Prime Medicine in the 4th quarter worth about $33,000. Paloma Partners Management Co purchased a new stake in shares of Prime Medicine in the 3rd quarter worth about $45,000. Nisa Investment Advisors LLC grew its position in Prime Medicine by 11,474.3% during the 4th 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 last quarter. Intech Investment Management LLC purchased a new stake in Prime Medicine during the 3rd quarter valued at about $55,000. Finally, XTX Topco Ltd purchased a new stake in Prime Medicine during the 4th quarter valued at about $42,000. 70.37% of the stock is currently 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.