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

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

A number of other equities research analysts also recently commented on PRME. Chardan Capital decreased their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. 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. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. JMP Securities started coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price target on the stock. Finally, 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. 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.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Prime Medicine Stock Performance

PRME traded down $0.05 during trading on Tuesday, reaching $2.76. 563,349 shares of the company traded hands, compared to its average volume of 1,012,338. Prime Medicine has a 12-month low of $2.56 and a 12-month high of $9.80. The firm has a fifty day simple moving average of $3.56 and a 200 day simple moving average of $4.39. The company has a market cap of $362.00 million, a P/E ratio of -1.35 and a beta of 1.89.

Prime Medicine (NYSE:PRME) last posted its earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The company had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. As a group, sell-side analysts expect that Prime Medicine will post -1.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently made changes to their positions in PRME. Barclays PLC lifted its stake in shares of Prime Medicine by 343.3% during the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after acquiring an additional 65,593 shares during the last quarter. Geode Capital Management LLC increased its stake in Prime Medicine by 4.9% in the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after purchasing an additional 63,456 shares during the period. State Street Corp lifted its position in shares of Prime Medicine by 3.9% during the third quarter. State Street Corp now owns 1,146,949 shares of the company’s stock worth $4,439,000 after purchasing an additional 43,086 shares during the last quarter. Benjamin Edwards Inc. boosted its stake in shares of Prime Medicine by 12,371.0% during the third quarter. Benjamin Edwards Inc. now owns 23,196 shares of the company’s stock valued at $90,000 after purchasing an additional 23,010 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in shares of Prime Medicine during the third quarter valued at $45,000. 70.37% of the stock is 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.