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

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME) to a sell rating in a research report sent to investors on Thursday morning.

Other equities research analysts also recently issued research reports about the stock. Chardan Capital lowered their target price 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. Wedbush reissued an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.25.

Prime Medicine Price Performance

PRME opened at $3.35 on Thursday. The firm has a 50 day simple moving average of $3.88 and a 200 day simple moving average of $5.01. Prime Medicine has a fifty-two week low of $3.28 and a fifty-two week high of $9.86. The company has a market cap of $439.39 million, a price-to-earnings ratio of -1.63 and a beta of 2.09.

Prime Medicine (NYSE:PRME) last announced 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 company had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. As a group, analysts expect that Prime Medicine will post -1.71 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake 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 purchasing an additional 1,746,534 shares in the last quarter. Millennium Management LLC boosted its holdings 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 valued at $6,841,000 after buying an additional 895,610 shares during the last quarter. Farallon Capital Management LLC bought a new position in shares of Prime Medicine in the first quarter valued at $5,250,000. Redmile Group LLC increased its holdings in Prime Medicine by 56.6% during the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after buying an additional 750,000 shares during the last quarter. Finally, Vestal Point Capital LP raised its position 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 acquiring an additional 620,000 shares in the last quarter. Institutional investors 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.