Prime Medicine (NYSE:PRME) Upgraded by StockNews.com to Sell

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME) to a sell rating in a research report sent to investors on Saturday.

Several other brokerages have also recently issued reports on PRME. JPMorgan Chase & Co. reduced 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 report on Monday, May 13th. TD Cowen initiated coverage on shares of Prime Medicine in a research report on Monday, April 8th. They set a buy rating on the stock. Wedbush reissued an outperform rating and set a $12.00 price target on shares of Prime Medicine in a research report on Tuesday, April 23rd. Jefferies Financial Group reaffirmed a buy rating and issued a $15.00 target price (down previously from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. Finally, Citigroup raised shares of Prime Medicine from a neutral rating to a buy rating and set a $10.00 target price on the stock in a report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $15.09.

Prime Medicine Price Performance

NYSE PRME opened at $5.43 on Friday. The stock has a market capitalization of $651.76 million, a P/E ratio of -2.50 and a beta of 2.25. Prime Medicine has a 12 month low of $4.11 and a 12 month high of $15.75. The firm’s 50-day moving average is $6.15 and its two-hundred day moving average is $6.52.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results 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 business had revenue of $0.59 million for the quarter. As a group, analysts anticipate that Prime Medicine will post -1.64 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently added to or reduced their stakes in PRME. ORG Partners LLC purchased a new position in Prime Medicine in the second quarter valued at approximately $29,000. Nisa Investment Advisors LLC increased its stake in Prime Medicine by 22,652.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after purchasing an additional 7,702 shares during the last quarter. Chelsea Counsel Co. increased its stake in Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after purchasing an additional 4,400 shares during the last quarter. SG Americas Securities LLC purchased a new position in Prime Medicine in the fourth quarter valued at approximately $90,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in Prime Medicine in the second quarter valued at approximately $97,000. 70.37% of the stock is currently owned by hedge funds and other 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.