Prime Medicine (NASDAQ:PRME) Upgraded at BMO Capital Markets

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

A number of other equities analysts have also recently commented on PRME. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Wall Street Zen raised shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. TD Cowen restated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Finally, The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $7.69.

Prime Medicine Stock Up 16.1%

NASDAQ:PRME opened at $3.54 on Tuesday. Prime Medicine has a 12-month low of $2.67 and a 12-month high of $6.94. The firm has a market capitalization of $642.09 million, a price-to-earnings ratio of -3.34 and a beta of 2.31. The stock’s 50 day moving average price is $3.29 and its two-hundred day moving average price is $3.43.

Prime Medicine (NASDAQ:PRME) last issued its earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The company had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. Equities research analysts expect that Prime Medicine will post -0.97 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors have recently modified their holdings of the business. Creative Planning acquired a new position in shares of Prime Medicine in the second quarter valued at about $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Prime Medicine during the fourth quarter worth about $31,000. Royal Bank of Canada raised its stake in Prime Medicine by 89.3% in the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after purchasing an additional 4,365 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Prime Medicine in the 4th quarter worth about $33,000. Finally, Glen Eagle Advisors LLC acquired a new position in shares of Prime Medicine during the 4th quarter worth approximately $35,000. Institutional investors 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.