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

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

A number of other research firms also recently weighed in on PRME. Citigroup raised Prime Medicine from a neutral rating to a buy rating and set a $10.00 price target for the company in a research report on Thursday, May 16th. Jefferies Financial Group reiterated a buy rating and set a $15.00 price objective (down previously from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. Guggenheim dropped their price objective on Prime Medicine from $24.00 to $20.00 and set a buy rating on the stock in a research note on Tuesday, March 5th. HC Wainwright started coverage on Prime Medicine in a research note on Monday, May 20th. They set a buy rating and a $10.00 price objective on the stock. Finally, Wedbush reiterated an outperform rating and set a $12.00 price objective on shares of Prime Medicine in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $15.09.

Prime Medicine Stock Performance

Shares of PRME opened at $5.14 on Tuesday. The stock has a 50 day simple moving average of $6.21 and a 200 day simple moving average of $7.06. Prime Medicine has a 52-week low of $4.11 and a 52-week high of $15.75. The firm has a market capitalization of $616.95 million, a PE ratio of -2.37 and a beta of 2.35.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Friday, May 10th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.01. The firm had revenue of $0.59 million for the quarter. Equities research analysts predict that Prime Medicine will post -1.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in PRME. Vanguard Group Inc. raised its stake in 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 acquiring an additional 1,746,534 shares during the period. Redmile Group LLC increased its position in Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after buying an additional 750,000 shares during the period. Farallon Capital Management LLC bought a new position in Prime Medicine during the 1st quarter worth $5,250,000. ARK Investment Management LLC increased its position in Prime Medicine by 19.7% during the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after buying an additional 515,841 shares during the period. Finally, Bollard Group LLC bought a new position in Prime Medicine during the 4th quarter worth $3,200,000. 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.