Prime Medicine (NASDAQ:PRME) Upgraded at Wall Street Zen

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

Several other research analysts have also recently weighed in on PRME. The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research note on Monday, June 22nd. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. New Street Research set a $8.00 price target on shares of Prime Medicine in a report on Monday, June 29th. Chardan Capital assumed coverage on shares of Prime Medicine in a research report on Tuesday, August 25th. They set a “buy” rating and a $7.00 price objective for the company. Finally, Weiss Ratings reaffirmed 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, seven have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Trading Up 1.6%

Shares of NASDAQ:PRME opened at $3.18 on Friday. The company has a 50 day moving average of $3.35 and a 200-day moving average of $3.43. The firm has a market cap of $576.79 million, a P/E ratio of -3.00 and a beta of 2.34. Prime Medicine has a twelve month low of $2.67 and a twelve month high of $6.94.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The business had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Equities research analysts forecast that Prime Medicine will post -0.96 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of PRME. Royal Bank of Canada boosted its position in shares of Prime Medicine by 89.3% in the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after purchasing an additional 4,365 shares during the period. Glen Eagle Advisors LLC acquired a new stake in Prime Medicine during the 4th quarter worth about $35,000. Kingsview Wealth Management LLC acquired a new stake in Prime Medicine during the 2nd quarter worth about $37,000. Wealthfront Advisers LLC purchased a new stake in Prime Medicine during the first quarter valued at about $36,000. Finally, Syon Capital LLC purchased a new stake in Prime Medicine during the second quarter valued at about $41,000. 70.37% of the stock is owned by institutional investors and hedge funds.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.