Prime Medicine’s (PRME) Neutral Rating Reiterated at Citigroup

Citigroup reiterated their neutral rating on shares of Prime Medicine (NYSE:PRME) in a research report released on Tuesday morning, MarketBeat Ratings reports. Citigroup currently has a $1.50 price objective on the stock, down from their previous price objective of $10.00.

A number of other brokerages also recently issued reports on PRME. Wall Street Zen upgraded shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Prime Medicine in a research report on Tuesday, May 20th. Chardan Capital dropped their target price on Prime Medicine from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, May 19th. JMP Securities decreased their price target on Prime Medicine from $10.00 to $6.00 and set a “market outperform” rating for the company in a report on Tuesday, May 20th. Finally, HC Wainwright cut Prime Medicine from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.08.

Prime Medicine Stock Down 0.8%

Prime Medicine stock opened at $1.26 on Tuesday. The company’s 50 day moving average is $1.46 and its two-hundred day moving average is $2.37. The firm has a market cap of $165.43 million, a PE ratio of -0.61 and a beta of 1.90. Prime Medicine has a 52-week low of $1.11 and a 52-week high of $8.14.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new position in shares of Prime Medicine during the fourth quarter worth approximately $33,000. Nisa Investment Advisors LLC boosted its stake in Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after purchasing an additional 12,507 shares during the period. Northern Trust Corp grew its position in Prime Medicine by 3.9% during the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company’s stock worth $1,591,000 after purchasing an additional 20,389 shares during the last quarter. Geode Capital Management LLC increased its stake in Prime Medicine by 7.9% in the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company’s stock valued at $4,287,000 after purchasing an additional 107,627 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Prime Medicine by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company’s stock valued at $1,415,000 after buying an additional 20,614 shares during the last quarter. Institutional investors and hedge funds 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.