Prime Medicine (NYSE:PRME) Rating Increased to Strong-Buy at Citizens Jmp

Prime Medicine (NYSE:PRME) was upgraded by stock analysts at Citizens Jmp to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other research firms have also issued reports on PRME. JMP Securities started coverage on Prime Medicine in a report on Tuesday. They set an “outperform” rating and a $10.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Wednesday, November 13th. Chardan Capital lowered their price objective on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Guggenheim reissued a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. Finally, StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.67.

Prime Medicine Stock Performance

NYSE PRME opened at $3.22 on Tuesday. The stock has a market cap of $422.34 million, a PE ratio of -1.57 and a beta of 1.89. The firm has a 50-day moving average of $3.69 and a 200-day moving average of $4.65. Prime Medicine has a 52-week low of $2.85 and a 52-week high of $9.86.

Prime Medicine (NYSE:PRME) last announced its 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 the consensus estimate of $55.00 million. As a group, analysts predict that Prime Medicine will post -1.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC boosted its position in shares of Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares in the last quarter. Vestal Point Capital LP boosted its holdings in Prime Medicine by 137.8% in the third 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 in the last quarter. Westwood Holdings Group Inc. boosted its holdings in Prime Medicine by 125.0% in the second quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company’s stock worth $1,843,000 after acquiring an additional 199,229 shares in the last quarter. ARK Investment Management LLC increased its holdings in shares of Prime Medicine by 2.2% during the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after acquiring an additional 133,419 shares in the last quarter. Finally, Walleye Capital LLC acquired a new position in shares of Prime Medicine during the third quarter worth approximately $419,000. 70.37% of the stock is owned by 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.