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

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

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

Prime Medicine Price Performance

NYSE PRME opened at $2.76 on Tuesday. The stock has a market capitalization of $362.00 million, a P/E ratio of -1.35 and a beta of 1.89. The firm’s 50-day moving average is $3.56 and its two-hundred day moving average is $4.39. Prime Medicine has a 12 month low of $2.56 and a 12 month high of $9.80.

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

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of PRME. Millennium Management LLC lifted its stake in Prime Medicine by 205.7% during the second 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. Vestal Point Capital LP lifted its position in shares of Prime Medicine by 137.8% during the 3rd 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 during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of Prime Medicine by 125.0% in the 2nd 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 in the last quarter. Walleye Capital LLC purchased a new position in shares of Prime Medicine in the 3rd quarter valued at $419,000. Finally, GSA Capital Partners LLP acquired a new stake in Prime Medicine during the 3rd quarter worth $383,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.