Prime Medicine (NYSE:PRME) Upgraded by StockNews.com to “Sell” Rating

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

Other equities analysts have also recently issued reports about the company. Chardan Capital reduced their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday. Finally, Wedbush reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.25.

Prime Medicine Trading Down 7.0 %

Shares of PRME stock opened at $3.35 on Thursday. Prime Medicine has a 12-month low of $3.28 and a 12-month high of $9.86. The company has a market cap of $438.73 million, a price-to-earnings ratio of -1.63 and a beta of 2.09. The stock has a 50 day simple moving average of $3.88 and a 200-day simple moving average of $5.02.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. acquired a new stake in Prime Medicine during the first quarter worth about $1,115,000. Vanguard Group Inc. raised its holdings in Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after buying an additional 1,746,534 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Prime Medicine by 13.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after buying an additional 301,431 shares in the last quarter. Millennium Management LLC grew 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 buying an additional 895,610 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Prime Medicine in the first quarter worth $148,000. 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.