Prime Medicine (NYSE:PRME) Upgraded at StockNews.com

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

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

Prime Medicine Trading Down 2.4 %

Shares of NYSE:PRME traded down $0.08 on Monday, reaching $3.27. 1,194,585 shares of the company’s stock were exchanged, compared to its average volume of 1,008,662. Prime Medicine has a twelve month low of $2.56 and a twelve month high of $9.77. The company has a fifty day moving average of $3.35 and a 200-day moving average of $4.13. The company has a market capitalization of $428.90 million, a price-to-earnings ratio of -1.60 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) EPS 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. As a group, equities research analysts forecast that Prime Medicine will post -1.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the business. National Bank of Canada FI bought a new position in shares of Prime Medicine during the second quarter valued at $34,000. Paloma Partners Management Co bought a new position in Prime Medicine during the 3rd quarter worth $45,000. Intech Investment Management LLC acquired a new position in Prime Medicine during the 3rd quarter worth about $55,000. Corsair Capital Management L.P. bought a new stake in shares of Prime Medicine in the 3rd quarter valued at about $77,000. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Prime Medicine by 63.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock valued at $89,000 after buying an additional 8,985 shares during the last quarter. 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.