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

Prime Medicine (NYSE:PRME) was upgraded by investment analysts at StockNews.com to a “sell” rating in a research note issued on Tuesday.

Several other research analysts have also recently weighed in on PRME. JMP Securities began coverage on shares of Prime Medicine in a research report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price objective for the company. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Guggenheim reiterated a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a research report 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 note on Wednesday, November 13th. Finally, Chardan Capital dropped their price target 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Prime Medicine Stock Performance

Shares of PRME opened at $2.76 on Tuesday. The company has a market cap of $362.00 million, a price-to-earnings ratio of -1.35 and a beta of 1.89. The stock has a fifty day moving average price of $3.54 and a two-hundred day moving average price of $4.36. Prime Medicine has a 52-week low of $2.56 and a 52-week high of $9.80.

Prime Medicine (NYSE:PRME) last issued 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 for the quarter, compared to analysts’ expectations of $55.00 million. As a group, research analysts predict that Prime Medicine will post -1.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in PRME. National Bank of Canada FI bought a new position in Prime Medicine in the second quarter valued at approximately $34,000. Nisa Investment Advisors LLC boosted its stake in Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock worth $40,000 after purchasing an additional 7,702 shares during the period. Paloma Partners Management Co bought a new position in Prime Medicine during the 3rd quarter worth about $45,000. Intech Investment Management LLC acquired a new stake in shares of Prime Medicine in the 3rd quarter valued at about $55,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Prime Medicine in the second quarter valued at about $97,000. 70.37% of the stock is owned by 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.