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

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME) to a sell rating in a research note released on Thursday.

Other research analysts also recently issued research reports about the company. HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. Finally, Chardan Capital reduced 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 report on Wednesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Prime Medicine currently has an average rating of “Moderate Buy” and an average price target of $13.25.

Prime Medicine Stock Performance

NYSE PRME opened at $3.35 on Thursday. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86. The stock’s 50-day moving average price is $3.88 and its two-hundred day moving average price is $5.01.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to analyst estimates of $55.00 million. As a group, equities analysts expect that Prime Medicine will post -1.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. bought a new stake in Prime Medicine in the first quarter worth approximately $1,115,000. Vanguard Group Inc. lifted its stake in shares of Prime Medicine by 43.1% in the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after purchasing an additional 301,431 shares in the last quarter. Millennium Management LLC increased its position in Prime Medicine by 205.7% during the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after buying an additional 895,610 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Prime Medicine during the first quarter worth $148,000. Institutional investors own 70.37% of the company’s stock.

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.