StockNews.com Upgrades Prime Medicine (NYSE:PRME) to Sell

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME - Free Report) to a sell rating in a research note issued to investors on Wednesday.

Several other research analysts also recently commented on PRME. HC Wainwright restated a "buy" rating and set a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday, November 13th. JMP Securities initiated coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an "outperform" rating and a $10.00 price objective on the stock. Chardan Capital decreased their target price on Prime Medicine from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, November 13th. Guggenheim reissued a "buy" rating and issued a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. Finally, Citizens Jmp upgraded Prime Medicine to a "strong-buy" rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $12.67.

Prime Medicine Trading Up 5.9 %

NYSE PRME traded up $0.16 during trading on Wednesday, reaching $2.86. The company's stock had a trading volume of 969,989 shares, compared to its average volume of 899,443. Prime Medicine has a 12 month low of $2.56 and a 12 month high of $9.77. The firm has a 50 day moving average price of $3.18 and a 200 day moving average price of $3.99. The firm has a market capitalization of $375.12 million, a price-to-earnings ratio of -1.40 and a beta of 1.86.

Prime Medicine (NYSE:PRME - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. On average, equities analysts forecast that Prime Medicine will post -1.7 EPS for the current fiscal year.

Institutional Trading of Prime Medicine

Large investors have recently bought and sold shares of the business. Millennium Management LLC boosted its position in shares of Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company's stock valued at $6,841,000 after purchasing an additional 895,610 shares in the last quarter. Vestal Point Capital LP grew its position in shares of Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company's stock worth $4,141,000 after buying an additional 620,000 shares during the period. Westwood Holdings Group Inc. increased its stake in shares of Prime Medicine by 125.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 358,580 shares of the company's stock valued at $1,843,000 after acquiring an additional 199,229 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Prime Medicine during the 3rd quarter valued at $419,000. Finally, GSA Capital Partners LLP bought a new position in Prime Medicine during the third quarter worth $383,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.