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

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME) to a sell rating in a report published on Monday morning.

Several other research firms also recently issued reports on PRME. Chardan Capital reduced their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Guggenheim reissued a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research report on Tuesday, December 3rd. 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 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. Finally, Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. One 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.67.

Prime Medicine Price Performance

Shares of PRME opened at $3.15 on Monday. The company’s 50-day moving average is $3.29 and its 200-day moving average is $4.08. The firm has a market capitalization of $413.16 million, a PE ratio of -1.54 and a beta of 1.86. Prime Medicine has a fifty-two week low of $2.56 and a fifty-two week high of $9.77.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share 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 analysts’ expectations of $55.00 million. Analysts predict that Prime Medicine will post -1.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new stake in shares of Prime Medicine in the 2nd quarter valued at $34,000. Paloma Partners Management Co acquired a new stake in Prime Medicine in the third quarter valued at about $45,000. Intech Investment Management LLC acquired a new stake in Prime Medicine in the third quarter valued at about $55,000. Corsair Capital Management L.P. bought a new position in Prime Medicine in the third quarter valued at about $77,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in Prime Medicine by 63.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock worth $89,000 after acquiring an additional 8,985 shares in 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.