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

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

Several other equities research analysts also recently issued reports on the company. HC Wainwright began coverage on Prime Medicine in a research report on Monday, May 20th. They set a buy rating and a $10.00 target price on the stock. JPMorgan Chase & Co. dropped their price objective on Prime Medicine from $16.00 to $15.00 and set an overweight rating on the stock in a research report on Monday, May 13th. Wedbush reaffirmed an outperform rating and set a $12.00 price target on shares of Prime Medicine in a report on Tuesday, April 23rd. Citigroup upgraded Prime Medicine from a neutral rating to a buy rating and set a $10.00 target price on the stock in a research report on Thursday, May 16th. Finally, Jefferies Financial Group restated a buy rating and set a $15.00 price target (down previously from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $15.09.

Prime Medicine Price Performance

Prime Medicine stock opened at $4.20 on Wednesday. The firm has a market cap of $503.53 million, a P/E ratio of -1.93 and a beta of 2.21. The stock’s 50 day moving average is $5.82 and its 200 day moving average is $6.41. Prime Medicine has a one year low of $4.11 and a one year high of $13.60.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, May 10th. The company reported ($0.44) 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. Equities analysts anticipate that Prime Medicine will post -1.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently modified their holdings of the stock. ORG Partners LLC purchased a new stake in shares of Prime Medicine during the second quarter valued at $29,000. National Bank of Canada FI acquired a new stake in Prime Medicine during the 2nd quarter worth about $34,000. Nisa Investment Advisors LLC grew its stake in Prime Medicine by 22,652.9% during the 2nd 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 holdings in shares of 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 period. Finally, SG Americas Securities LLC purchased a new position in shares of Prime Medicine in the fourth quarter worth about $90,000. 70.37% of the stock is 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.