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

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

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

Prime Medicine Stock Down 2.4 %

PRME traded down $0.08 during trading on Monday, reaching $3.27. 1,194,585 shares of the stock traded hands, compared to its average volume of 1,008,662. The stock’s 50-day moving average is $3.35 and its 200 day moving average is $4.13. Prime Medicine has a 12 month low of $2.56 and a 12 month high of $9.77. The stock has a market capitalization of $428.90 million, a PE ratio of -1.60 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last announced its earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million. As a group, equities research analysts anticipate that Prime Medicine will post -1.7 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently bought and sold shares of PRME. National Bank of Canada FI bought a new stake in shares of Prime Medicine in the 2nd quarter worth $34,000. Paloma Partners Management Co purchased a new position in Prime Medicine during the third quarter worth about $45,000. Intech Investment Management LLC bought a new stake in Prime Medicine in the 3rd quarter worth about $55,000. Corsair Capital Management L.P. purchased a new stake in Prime Medicine in the 3rd quarter valued at about $77,000. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of Prime Medicine by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock worth $89,000 after buying an additional 8,985 shares in the last quarter. 70.37% of the stock is currently 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.