Prime Medicine (NYSE:PRME) Raised to Sell at StockNews.com

Prime Medicine (NYSE:PRME) was upgraded by research analysts at StockNews.com to a “sell” rating in a note issued to investors on Tuesday.

Several other research analysts have also commented on the company. Chardan Capital dropped their price target 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. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th. Guggenheim reaffirmed a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. Finally, 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 target price on the stock. One investment 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $13.13.

Prime Medicine Trading Down 2.0 %

NYSE:PRME opened at $2.42 on Tuesday. The stock has a 50-day moving average price of $2.95 and a 200 day moving average price of $3.64. The stock has a market capitalization of $317.41 million, a P/E ratio of -1.18 and a beta of 1.86. Prime Medicine has a 12-month low of $2.37 and a 12-month high of $9.77.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vestal Point Capital LP boosted its holdings in 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 buying an additional 620,000 shares in the last quarter. Barclays PLC boosted its stake in shares of Prime Medicine by 343.3% during the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after acquiring an additional 65,593 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Prime Medicine by 4.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after acquiring an additional 63,456 shares in the last quarter. State Street Corp increased its stake in shares of Prime Medicine by 3.9% in 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 in the last quarter. Finally, Intech Investment Management LLC acquired a new position in Prime Medicine in the 3rd quarter worth about $55,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.