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 report released on Wednesday.

A number of other equities research analysts also recently weighed in on PRME. Citigroup upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a research note on Thursday, May 16th. JPMorgan Chase & Co. decreased 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 note on Monday, May 13th. Chardan Capital started coverage on shares of Prime Medicine in a research note on Monday, April 22nd. They set a “buy” rating and a $17.00 price target on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $15.00 price target (down previously from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. Finally, HC Wainwright started coverage on shares of Prime Medicine in a research note on Monday, May 20th. They set a “buy” rating and a $10.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $15.09.

Prime Medicine Trading Down 0.2 %

Shares of Prime Medicine stock opened at $4.39 on Wednesday. The company’s fifty day simple moving average is $5.91 and its 200-day simple moving average is $6.44. The company has a market cap of $526.94 million, a price-to-earnings ratio of -2.02 and a beta of 2.21. Prime Medicine has a 1 year low of $4.11 and a 1 year high of $13.60.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.01. The company had revenue of $0.59 million during the quarter. As a group, research analysts forecast that Prime Medicine will post -1.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased 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 acquiring an additional 1,746,534 shares during the last quarter. Redmile Group LLC increased its stake 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 purchasing an additional 750,000 shares in the last quarter. Farallon Capital Management LLC bought a new stake in Prime Medicine during the 1st quarter worth approximately $5,250,000. Bollard Group LLC bought a new stake in Prime Medicine during the 4th quarter worth approximately $3,200,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Prime Medicine by 13.6% during the 1st 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. Institutional investors and hedge funds 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.