Prime Medicine (NYSE:PRME) Stock Rating Upgraded by StockNews.com

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

Other equities research analysts also recently issued research reports about 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. Chardan Capital decreased their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. JMP Securities initiated coverage on Prime Medicine in a report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price on the stock. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, Guggenheim reissued a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. 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 company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Prime Medicine Trading Down 1.8 %

PRME stock opened at $2.76 on Tuesday. The company has a market capitalization of $362.00 million, a P/E ratio of -1.35 and a beta of 1.89. The business has a 50 day simple moving average of $3.56 and a 200-day simple moving average of $4.39. Prime Medicine has a twelve month low of $2.56 and a twelve month high of $9.80.

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

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently made changes to their positions in PRME. Nisa Investment Advisors LLC increased its holdings in shares of Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after purchasing an additional 7,702 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Prime Medicine by 61.0% in the second quarter. Bank of New York Mellon Corp now owns 170,563 shares of the company’s stock valued at $877,000 after buying an additional 64,600 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at approximately $97,000. Rhumbline Advisers lifted its position in shares of Prime Medicine by 33.5% during the 2nd quarter. Rhumbline Advisers now owns 70,107 shares of the company’s stock valued at $360,000 after acquiring an additional 17,595 shares during the period. Finally, National Bank of Canada FI acquired a new stake in shares of Prime Medicine in the 2nd quarter worth approximately $34,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.