Prime Medicine (NYSE:PRME) Given New $6.00 Price Target at JMP Securities

Prime Medicine (NYSE:PRME) had its target price reduced by JMP Securities from $10.00 to $6.00 in a research note released on Tuesday,Benzinga reports. They currently have a market outperform rating on the stock.

Several other equities research analysts also recently weighed in on PRME. Chardan Capital dropped their target price on shares of Prime Medicine from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Monday. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Prime Medicine in a research report on Tuesday. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. Wedbush reissued an “outperform” rating and issued a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. Finally, HC Wainwright downgraded Prime Medicine from a “buy” rating to a “neutral” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $11.80.

Prime Medicine Trading Down 12.0%

Shares of NYSE PRME opened at $1.18 on Tuesday. The stock has a fifty day moving average price of $1.55 and a 200 day moving average price of $2.48. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $8.27. The company has a market cap of $154.27 million, a P/E ratio of -0.57 and a beta of 1.90.

Prime Medicine (NYSE:PRME) last announced its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same quarter last year, the firm posted ($2.18) EPS. On average, sell-side analysts forecast that Prime Medicine will post -1.68 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

A number of hedge funds have recently modified their holdings of the business. ProShare Advisors LLC increased its holdings in shares of Prime Medicine by 24.6% in the 4th quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock valued at $65,000 after purchasing an additional 4,375 shares during the period. China Universal Asset Management Co. Ltd. grew its position in Prime Medicine by 20.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock valued at $81,000 after purchasing an additional 4,725 shares in the last quarter. Levin Capital Strategies L.P. increased its stake in Prime Medicine by 7.1% in the 4th quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company’s stock valued at $219,000 after buying an additional 5,000 shares during the period. Rhumbline Advisers lifted its position in Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock worth $163,000 after buying an additional 9,944 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of Prime Medicine during the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.