Prime Medicine (NYSE:PRME) Upgraded at StockNews.com

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME - Free Report) to a sell rating in a research report report published on Tuesday morning.

PRME has been the topic of several other reports. HC Wainwright restated a "buy" rating and set a $10.00 target price on shares of Prime Medicine in a report on Wednesday, November 13th. Guggenheim reiterated a "buy" rating and issued a $18.00 price objective on shares of Prime Medicine in a report on Tuesday, December 3rd. Chardan Capital lowered their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, November 13th. JMP Securities assumed coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They issued an "outperform" rating and a $10.00 price objective on the stock. Finally, Citizens Jmp upgraded shares of Prime Medicine to a "strong-buy" rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $13.13.

Prime Medicine Stock Performance

PRME stock traded up $0.24 during mid-day trading on Tuesday, hitting $2.84. 1,248,767 shares of the company were exchanged, compared to its average volume of 923,666. The firm has a market cap of $372.49 million, a P/E ratio of -1.39 and a beta of 1.86. The firm's 50 day simple moving average is $2.89 and its 200 day simple moving average is $3.58. Prime Medicine has a 1-year low of $2.25 and a 1-year high of $9.77.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The business had revenue of $0.21 million for the quarter, compared to analysts' expectations of $55.00 million. On average, equities research analysts predict that Prime Medicine will post -1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in PRME. American Century Companies Inc. bought a new position in shares of Prime Medicine in the fourth quarter valued at $33,000. Nisa Investment Advisors LLC grew its stake in shares of Prime Medicine by 11,474.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company's stock valued at $37,000 after buying an additional 12,507 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Prime Medicine in the fourth quarter valued at $42,000. Paloma Partners Management Co bought a new position in Prime Medicine during the third quarter worth $45,000. Finally, AXQ Capital LP bought a new position in Prime Medicine during the fourth quarter worth $45,000. 70.37% of the stock is owned by 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.