Prime Medicine (NASDAQ:PRME) Downgraded to Strong Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Prime Medicine (NASDAQ:PRME) from a sell rating to a strong sell rating in a report released on Wednesday morning.

Other equities research analysts have also issued reports about the stock. Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Oppenheimer started coverage on shares of Prime Medicine in a report on Thursday, March 12th. They set an “outperform” rating and a $11.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.38.

Prime Medicine Stock Performance

Shares of PRME opened at $3.27 on Wednesday. The firm has a 50 day moving average price of $3.61 and a 200-day moving average price of $3.78. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The firm has a market cap of $590.63 million, a price-to-earnings ratio of -2.66 and a beta of 2.35.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. The firm had revenue of $0.86 million for the quarter. As a group, equities research analysts predict that Prime Medicine will post -0.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PRME. Creative Planning purchased a new position in Prime Medicine during the 2nd quarter valued at $25,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Prime Medicine during the 4th quarter valued at $31,000. Caitong International Asset Management Co. Ltd purchased a new position in Prime Medicine during the 4th quarter valued at $33,000. Glen Eagle Advisors LLC purchased a new position in Prime Medicine during the 4th quarter valued at $35,000. Finally, Wealthfront Advisers LLC purchased a new position in Prime Medicine during the 1st quarter valued at $36,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.