Prime Medicine (NASDAQ:PRME) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of Prime Medicine (NASDAQ:PRME) from a sell rating to a hold rating in a research note released on Saturday,Wall Street Zen reports.

Several other equities research analysts also recently issued reports on the stock. BMO Capital Markets started coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective for the company. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. New Street Research set a $8.00 target price on shares of Prime Medicine in a research note on Monday, June 29th. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. Finally, HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Stock Performance

Shares of PRME opened at $3.13 on Friday. The stock has a 50 day simple moving average of $3.36 and a 200 day simple moving average of $3.44. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $6.94. The firm has a market capitalization of $567.72 million, a PE ratio of -2.95 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last announced its earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The firm had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Equities research analysts predict that Prime Medicine will post -0.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRME. Alphabet Inc. bought a new position in shares of Prime Medicine in the 2nd quarter valued at about $61,116,000. BlackRock Inc. bought a new stake in Prime Medicine during the second quarter worth about $35,432,000. State Street Corp raised its holdings in Prime Medicine by 293.0% during the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after acquiring an additional 3,798,884 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in Prime Medicine by 6,426.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock valued at $10,842,000 after purchasing an additional 3,076,489 shares during the last quarter. Finally, Woodline Partners LP acquired a new position in Prime Medicine during the third quarter valued at approximately $16,634,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

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.