Prime Medicine (NASDAQ:PRME) Stock Rating Upgraded by Chardan Capital

Prime Medicine (NASDAQ:PRME) was upgraded by Chardan Capital to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

PRME has been the subject of several other reports. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a report on Monday, August 10th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $7.47.

Prime Medicine Price Performance

NASDAQ:PRME opened at $3.58 on Tuesday. The company has a 50-day moving average of $3.34 and a 200 day moving average of $3.42. Prime Medicine has a 1-year low of $2.67 and a 1-year high of $6.94. The firm has a market cap of $649.34 million, a PE ratio of -3.38 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.24). The company had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. Sell-side analysts anticipate that Prime Medicine will post -0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors have recently added to or reduced their stakes in the stock. Alphabet Inc. purchased a new stake in Prime Medicine during the 2nd quarter valued at about $61,116,000. BlackRock Inc. purchased a new position in Prime Medicine in the 2nd quarter worth approximately $35,432,000. State Street Corp boosted its holdings in shares of Prime Medicine by 293.0% during the 4th quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after purchasing an additional 3,798,884 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Prime Medicine by 6,426.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after purchasing an additional 3,076,489 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in shares of Prime Medicine in the third quarter valued at approximately $16,634,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

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.