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 research note issued to investors on Tuesday.

Other equities analysts also recently issued research reports about the company. TD Cowen started coverage on Prime Medicine in a research note on Monday, April 8th. They set a buy rating for the company. Guggenheim lowered their price target on Prime Medicine from $24.00 to $20.00 and set a buy rating for the company in a research report on Tuesday, March 5th. Wedbush reaffirmed an outperform rating and set a $12.00 price objective on shares of Prime Medicine in a report on Tuesday, April 23rd. Chardan Capital initiated coverage on shares of Prime Medicine in a report on Monday, April 22nd. They issued a buy rating and a $17.00 target price for the company. Finally, Jefferies Financial Group restated a buy rating and set a $15.00 price target (down from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $15.60.

Prime Medicine Stock Performance

Shares of Prime Medicine stock opened at $7.08 on Tuesday. Prime Medicine has a 52 week low of $4.11 and a 52 week high of $17.20. The stock has a 50 day moving average price of $6.09 and a two-hundred day moving average price of $7.18. The stock has a market capitalization of $849.81 million, a PE ratio of -3.26 and a beta of 2.07.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Research analysts forecast that Prime Medicine will post -1.7 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Several large investors have recently modified their holdings of PRME. Chelsea Counsel Co. grew its holdings in Prime Medicine by 733.3% during 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. SG Americas Securities LLC purchased a new stake in Prime Medicine in the 4th quarter worth about $90,000. China Universal Asset Management Co. Ltd. bought a new stake in Prime Medicine in the 4th quarter valued at about $100,000. ProShare Advisors LLC lifted its holdings in Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Prime Medicine during the first quarter worth about $148,000. Hedge funds and other institutional investors 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.