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

Prime Medicine (NYSE:PRME) was upgraded by research analysts at StockNews.com to a “sell” rating in a research note issued to investors on Wednesday.

Several other brokerages also recently issued reports on PRME. Chardan Capital started coverage on Prime Medicine in a report on Monday, April 22nd. They set a “buy” rating and a $17.00 price target for the company. JPMorgan Chase & Co. decreased their price target on Prime Medicine from $16.00 to $15.00 and set an “overweight” rating for the company in a report on Monday, May 13th. HC Wainwright started coverage on Prime Medicine in a report on Monday, May 20th. They set a “buy” rating and a $10.00 price target for the company. Jefferies Financial Group reiterated a “buy” rating and set a $15.00 price target (down previously from $23.00) on shares of Prime Medicine in a report on Tuesday, May 7th. Finally, Wedbush reiterated an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.09.

Prime Medicine Stock Down 0.2 %

Shares of NYSE:PRME opened at $4.39 on Wednesday. Prime Medicine has a twelve month low of $4.11 and a twelve month high of $13.60. The stock’s 50 day moving average is $5.91 and its 200-day moving average is $6.44. The firm has a market capitalization of $526.94 million, a price-to-earnings ratio of -2.02 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, May 10th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.01. The company had revenue of $0.59 million for the quarter. Equities research analysts anticipate that Prime Medicine will post -1.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. ProShare Advisors LLC grew its stake in Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares during the period. Green Alpha Advisors LLC grew its stake in shares of Prime Medicine by 14.2% during the 1st quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock worth $236,000 after acquiring an additional 4,200 shares during the period. Chelsea Counsel Co. grew its stake in shares of Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after acquiring an additional 4,400 shares during the period. ORG Partners LLC bought a new position in shares of Prime Medicine during the 2nd quarter worth $29,000. Finally, National Bank of Canada FI bought a new position in shares of Prime Medicine during the 2nd quarter worth $34,000. Institutional investors own 70.37% of the company’s stock.

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.