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

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

PRME has been the topic of several other reports. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, November 13th. JMP Securities began coverage on shares of Prime Medicine in a research report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 target price on the stock. Chardan Capital decreased their target price on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Guggenheim reiterated a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a research report on Tuesday, December 3rd. 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 company’s stock. According to MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and an average target price of $12.67.

Prime Medicine Price Performance

NYSE PRME opened at $2.86 on Wednesday. The firm has a 50-day moving average price of $3.18 and a 200 day moving average price of $3.99. Prime Medicine has a 52-week low of $2.56 and a 52-week high of $9.77.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. On average, analysts predict that Prime Medicine will post -1.68 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRME. Millennium Management LLC raised its stake in Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after purchasing an additional 895,610 shares during the last quarter. Vestal Point Capital LP raised its stake in Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after purchasing an additional 620,000 shares during the last quarter. Westwood Holdings Group Inc. raised its stake in Prime Medicine by 125.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company’s stock valued at $1,843,000 after purchasing an additional 199,229 shares during the last quarter. Walleye Capital LLC acquired a new position in Prime Medicine in the 3rd quarter valued at about $419,000. Finally, GSA Capital Partners LLP acquired a new position in Prime Medicine in the 3rd quarter valued at about $383,000. 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.