Prime Medicine (NYSE:PRME) Stock Rating Upgraded by StockNews.com

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

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

Prime Medicine Stock Up 0.3 %

Shares of PRME stock opened at $3.28 on Monday. The company’s fifty day simple moving average is $3.33 and its two-hundred day simple moving average is $4.11. Prime Medicine has a 52 week low of $2.56 and a 52 week high of $9.77. The stock has a market cap of $430.21 million, a P/E ratio of -1.60 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last issued its earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The firm had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. On average, analysts anticipate that Prime Medicine will post -1.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently made changes to their positions in PRME. Squarepoint Ops LLC increased its holdings in Prime Medicine by 6.5% during the second quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock valued at $326,000 after buying an additional 3,895 shares during the period. National Bank of Canada FI purchased a new position in shares of Prime Medicine in the 2nd quarter valued at $34,000. China Universal Asset Management Co. Ltd. raised 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 worth $89,000 after acquiring an additional 8,985 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in shares of Prime Medicine by 48.6% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 28,113 shares of the company’s stock worth $109,000 after purchasing an additional 9,199 shares during the last quarter. Finally, PEAK6 Investments LLC lifted its stake in shares of Prime Medicine by 32.4% during the 3rd quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock worth $174,000 after purchasing an additional 11,013 shares during the last quarter. 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.