Wall Street Zen Upgrades Prime Medicine (NASDAQ:PRME) to Sell

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

PRME has been the topic of a number of other research reports. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research report on Monday, June 22nd. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. Finally, New Street Research set a $8.00 price target on shares of Prime Medicine in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Prime Medicine presently has an average rating of “Moderate Buy” and an average target price of $7.53.

Prime Medicine Stock Performance

NASDAQ:PRME opened at $3.08 on Friday. The stock has a market capitalization of $556.30 million, a PE ratio of -2.91 and a beta of 2.31. The firm’s 50 day moving average is $3.28 and its 200 day moving average is $3.48. 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) EPS for the quarter, meeting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 156.84% and a negative net margin of 4,613.11%.The business had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Research analysts predict that Prime Medicine will post -0.99 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently modified their holdings of PRME. AQR Capital Management LLC lifted its holdings in shares of Prime Medicine by 1,419.4% in the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after buying an additional 227,749 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Prime Medicine in the first quarter valued at approximately $101,000. Rhumbline Advisers grew its stake 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 acquiring an additional 9,944 shares in the last quarter. Creative Planning bought a new stake in Prime Medicine during the 2nd quarter worth approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Prime Medicine by 253.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock worth $296,000 after acquiring an additional 85,938 shares during the period. 70.37% of the stock is currently owned by institutional investors.

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.