Prime Medicine (NYSE:PRME) Stock Rating Upgraded by Citizens Jmp

Citizens Jmp upgraded shares of Prime Medicine (NYSE:PRME - Free Report) to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

A number of other brokerages have also recently issued reports on PRME. JMP Securities initiated coverage on Prime Medicine in a report on Tuesday. They set an "outperform" rating and a $10.00 price objective for the company. StockNews.com raised shares of Prime Medicine to a "sell" rating in a report on Thursday, November 14th. Chardan Capital decreased their price objective on shares of Prime Medicine from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a "buy" rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, November 13th. Finally, Guggenheim reissued a "buy" rating and issued a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Prime Medicine presently has a consensus rating of "Moderate Buy" and an average target price of $12.67.

Prime Medicine Stock Performance

Shares of NYSE:PRME traded down $0.04 on Tuesday, hitting $3.18. 565,777 shares of the company were exchanged, compared to its average volume of 997,910. Prime Medicine has a one year low of $2.85 and a one year high of $9.86. The firm has a market capitalization of $417.09 million, a price-to-earnings ratio of -1.57 and a beta of 1.89. The company's 50 day moving average price is $3.69 and its two-hundred day moving average price is $4.65.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (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. Research analysts predict that Prime Medicine will post -1.7 earnings per share for the current year.

Institutional Trading of Prime Medicine

A number of institutional investors have recently bought and sold shares of the business. ORG Partners LLC bought a new position in shares of Prime Medicine in the 2nd quarter worth $29,000. Nisa Investment Advisors LLC grew its position in shares of Prime Medicine by 22,652.9% during 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 during the period. Bank of New York Mellon Corp grew its position in shares of Prime Medicine by 61.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 170,563 shares of the company's stock worth $877,000 after buying an additional 64,600 shares during the period. ARK Investment Management LLC raised its position in shares of Prime Medicine by 2.2% in the 2nd quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company's stock valued at $31,492,000 after acquiring an additional 133,419 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Prime Medicine during the 2nd quarter worth approximately $97,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Prime Medicine Company Profile

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.