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

Prime Medicine (NYSE:PRMEGet Free Report) was upgraded by analysts at StockNews.com to a “sell” rating in a research report issued on Wednesday.

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

Get Our Latest Report on Prime Medicine

Prime Medicine Trading Down 2.5 %

Shares of NYSE PRME opened at $2.70 on Wednesday. The company has a fifty day moving average price of $3.20 and a 200 day moving average price of $4.00. The firm has a market cap of $354.13 million, a PE ratio of -1.32 and a beta of 1.86. Prime Medicine has a 1-year low of $2.56 and a 1-year high of $9.77.

Prime Medicine (NYSE:PRMEGet Free Report) last posted its quarterly earnings results 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 business had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. Equities research analysts forecast that Prime Medicine will post -1.7 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of Prime Medicine by 4.9% during the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock valued at $5,264,000 after purchasing an additional 63,456 shares in the last quarter. Millennium Management LLC raised its position in shares of Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares during the last quarter. State Street Corp grew its position in Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock valued at $4,439,000 after purchasing an additional 43,086 shares during the last quarter. Vestal Point Capital LP grew 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 valued at $4,141,000 after buying an additional 620,000 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C lifted its position in Prime Medicine by 1.3% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 896,960 shares of the company’s stock valued at $4,610,000 after acquiring an additional 11,646 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Prime Medicine

(Get Free Report)

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.

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Analyst Recommendations for Prime Medicine (NYSE:PRME)

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