Prime Medicine (NASDAQ:PRME) Upgraded by Wall Street Zen to “Sell” Rating

Wall Street Zen upgraded shares of Prime Medicine (NASDAQ:PRME) from a strong sell rating to a sell rating in a research report report published on Saturday morning.

A number of other equities analysts have also recently commented on PRME. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research note on Monday, June 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. Finally, HC Wainwright raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 price target for the company in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Trading Up 4.4%

Shares of PRME opened at $3.08 on Friday. The company has a market cap of $556.31 million, a PE ratio of -2.91 and a beta of 2.31. The stock has a 50-day moving average price of $3.28 and a 200-day moving average price of $3.49. Prime Medicine has a 12-month low of $2.67 and a 12-month high of $6.94.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate of ($0.24). The company had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 156.84%. As a group, analysts predict that Prime Medicine will post -0.99 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in shares of Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock valued at $485,000 after purchasing an additional 227,749 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Prime Medicine in the first quarter worth $101,000. Rhumbline Advisers boosted its position in Prime Medicine by 13.8% during the first quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after buying an additional 9,944 shares during the period. Creative Planning purchased a new stake in Prime Medicine during the second quarter valued at about $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Prime Medicine by 253.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock valued at $296,000 after buying an additional 85,938 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.