Prime Medicine (NASDAQ:PRME) Stock Rating Upgraded by Wall Street Zen

Prime Medicine (NASDAQ:PRME) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group restated a “market outperform” rating on shares of Prime Medicine in a report on Monday, September 28th. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. BMO Capital Markets initiated coverage on shares of Prime Medicine in a report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. Finally, Chardan Capital restated a “buy” rating and set a $7.00 price objective on shares of Prime Medicine in a research report on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Price Performance

Shares of NASDAQ:PRME opened at $4.72 on Friday. Prime Medicine has a 1 year low of $2.67 and a 1 year high of $5.91. The stock’s 50-day moving average is $3.54 and its 200 day moving average is $3.50. The company has a market cap of $856.11 million, a PE ratio of -4.45 and a beta of 2.13.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). The business had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Analysts expect that Prime Medicine will post -0.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its position in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after buying an additional 4,365 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Prime Medicine during the third quarter valued at about $28,000. Kingsview Wealth Management LLC acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at $37,000. Wealthfront Advisers LLC bought a new stake in Prime Medicine during the first quarter worth approximately $36,000. Finally, Syon Capital LLC bought a new stake in Prime Medicine in the second quarter valued at about $41,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.