Prime Medicine (NASDAQ:PRME) Upgraded to Strong-Buy at Chardan Capital

Prime Medicine (NASDAQ:PRME) was upgraded by investment analysts at Chardan Capital to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Wall Street Zen upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. TD Cowen restated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, New Street Research set a $8.00 target price on shares of Prime Medicine in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $7.47.

Prime Medicine Trading Down 3.5%

Shares of Prime Medicine stock opened at $3.58 on Tuesday. The company has a fifty day moving average price of $3.34 and a 200 day moving average price of $3.42. Prime Medicine has a twelve month low of $2.67 and a twelve month high of $6.94. The stock has a market cap of $649.34 million, a price-to-earnings ratio of -3.38 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). The company had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. Analysts forecast that Prime Medicine will post -0.95 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently bought and sold shares of the business. Alphabet Inc. acquired a new position in Prime Medicine during the 2nd quarter worth $61,116,000. Redmile Group LLC acquired a new stake in shares of Prime Medicine in the 1st quarter valued at about $5,536,000. ADAR1 Capital Management LLC bought a new position in shares of Prime Medicine during the first quarter worth about $6,867,000. UBS Group AG grew its stake in Prime Medicine by 700.8% in the fourth quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock worth $8,469,000 after purchasing an additional 2,135,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Prime Medicine by 262.3% in the first quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company’s stock worth $1,060,000 after purchasing an additional 220,468 shares in the last quarter. 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.