Prime Medicine (NYSE:PRME) Upgraded to “Sell” by StockNews.com

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

Several other analysts have also commented on PRME. Wedbush reaffirmed an outperform rating and set a $12.00 price target on shares of Prime Medicine in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. reduced their price target on shares of Prime Medicine from $16.00 to $15.00 and set an overweight rating on the stock in a research report on Monday, May 13th. TD Cowen started coverage on shares of Prime Medicine in a research report on Monday, April 8th. They set a buy rating on the stock. Jefferies Financial Group reaffirmed a buy rating and set a $15.00 price target (down previously from $23.00) on shares of Prime Medicine in a research report on Tuesday, May 7th. Finally, HC Wainwright initiated coverage on shares of Prime Medicine in a report on Monday, May 20th. They issued a buy rating and a $10.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $15.09.

Prime Medicine Price Performance

PRME opened at $5.57 on Friday. The company’s 50 day simple moving average is $6.20 and its two-hundred day simple moving average is $6.54. Prime Medicine has a 1-year low of $4.11 and a 1-year high of $15.75. The firm has a market capitalization of $668.57 million, a price-to-earnings ratio of -2.57 and a beta of 2.25.

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

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently modified their holdings of the business. Bollard Group LLC acquired a new position in shares of Prime Medicine in the fourth quarter worth $3,200,000. Vestmark Advisory Solutions Inc. acquired a new position in shares of Prime Medicine during the fourth quarter worth $1,278,000. Chelsea Counsel Co. grew its stake in shares of Prime Medicine by 733.3% during the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares in the last quarter. Westwood Holdings Group Inc. acquired a new position in shares of Prime Medicine during the first quarter worth $1,115,000. Finally, Levin Capital Strategies L.P. acquired a new position in shares of Prime Medicine during the fourth quarter worth $177,000. 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.