Prime Medicine (NASDAQ:PRME) Stock Dropped to “Sell” by Wall Street Zen

Wall Street Zen lowered shares of Prime Medicine (NASDAQ:PRME) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

Several other equities analysts have also recently issued reports on the company. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a report on Monday, June 22nd. BMO Capital Markets began coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $7.00 target price on shares of Prime Medicine in a research note on Friday, September 25th. New Street Research set a $8.00 price target on shares of Prime Medicine in a research report on Monday, June 29th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Stock Performance

NASDAQ:PRME opened at $2.98 on Friday. The stock’s fifty day moving average price is $3.24 and its two-hundred day moving average price is $3.34. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $6.94. The company has a market cap of $540.51 million, a price-to-earnings ratio of -2.81 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME) last released its earnings results 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 during the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. On average, equities analysts predict that Prime Medicine will post -0.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the stock. Alphabet Inc. acquired a new position in shares of Prime Medicine during the 2nd quarter worth about $61,116,000. BlackRock Inc. acquired a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $35,432,000. ADAR1 Capital Management LLC bought a new position in Prime Medicine during the 2nd quarter worth approximately $7,371,000. MWG Caph Ltd bought a new position in Prime Medicine during the 4th quarter worth approximately $6,219,000. Finally, Redmile Group LLC acquired a new position in Prime Medicine during the first quarter valued at approximately $5,536,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc (NASDAQ:PRME) is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.