Prime Medicine (NYSE:PRME) Now Covered by Analysts at JMP Securities

Investment analysts at JMP Securities started coverage on shares of Prime Medicine (NYSE:PRME - Get Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set an "outperform" rating and a $10.00 price target on the stock. JMP Securities' price objective indicates a potential upside of 210.56% from the stock's current price.

PRME has been the topic of several other reports. StockNews.com raised Prime Medicine to a "sell" rating in a research report on Thursday, November 14th. HC Wainwright reaffirmed a "buy" rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday, November 13th. Chardan Capital decreased their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, November 13th. Finally, Guggenheim restated a "buy" rating and set a $18.00 price objective on shares of Prime Medicine in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, Prime Medicine has a consensus rating of "Moderate Buy" and a consensus price target of $12.67.

Prime Medicine Stock Performance

Shares of NYSE PRME remained flat at $3.22 during midday trading on Tuesday. 1,631,341 shares of the stock traded hands, compared to its average volume of 999,902. The firm's 50 day moving average is $3.69 and its 200 day moving average is $4.65. Prime Medicine has a 52-week low of $2.85 and a 52-week high of $9.86. The stock has a market cap of $422.34 million, a P/E ratio of -1.57 and a beta of 1.89.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. Sell-side analysts expect that Prime Medicine will post -1.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRME. Squarepoint Ops LLC lifted its holdings in Prime Medicine by 6.5% during the second quarter. Squarepoint Ops LLC now owns 63,461 shares of the company's stock valued at $326,000 after purchasing an additional 3,895 shares in the last quarter. ORG Partners LLC purchased a new position in shares of Prime Medicine during the 2nd quarter valued at $29,000. National Bank of Canada FI bought a new position in Prime Medicine in the 2nd quarter worth $34,000. Nisa Investment Advisors LLC increased its stake in Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company's stock worth $40,000 after buying an additional 7,702 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its holdings in Prime Medicine by 63.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company's stock valued at $89,000 after acquiring an additional 8,985 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.