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

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

PRME has been the topic of a number of other reports. JMP Securities started coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on 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 report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research note on Wednesday, November 13th. Guggenheim reissued a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. Finally, Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.13.

Prime Medicine Stock Performance

Shares of PRME opened at $2.28 on Tuesday. Prime Medicine has a 1 year low of $2.26 and a 1 year high of $9.77. The company’s 50 day simple moving average is $2.93 and its 200 day simple moving average is $3.62. The company has a market capitalization of $299.04 million, a price-to-earnings ratio of -1.11 and a beta of 1.86.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The business had revenue of $0.21 million during the quarter, compared to the consensus estimate of $55.00 million. Equities analysts expect that Prime Medicine will post -1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of PRME. Vestal Point Capital LP boosted its holdings in Prime Medicine by 137.8% in the 3rd 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 during the period. Walleye Capital LLC purchased a new position in shares of Prime Medicine in the third quarter valued at $419,000. GSA Capital Partners LLP acquired a new stake in Prime Medicine during the 3rd quarter valued at $383,000. Greenwich Wealth Management LLC increased its stake in Prime Medicine by 12.3% during the 3rd quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company’s stock worth $2,837,000 after buying an additional 80,000 shares during the period. Finally, Barclays PLC lifted its holdings in Prime Medicine by 343.3% in the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after buying an additional 65,593 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.