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

StockNews.com upgraded shares of Prime Medicine (NYSE:PRME) to a sell rating in a research report sent to investors on Thursday morning.

A number of other brokerages have also recently issued reports on PRME. Wedbush reiterated an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a report on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a report on Wednesday. Finally, Chardan Capital dropped 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and an average target price of $13.25.

Prime Medicine Price Performance

Shares of PRME stock traded down $0.24 during trading hours on Thursday, reaching $3.36. 668,689 shares of the stock were exchanged, compared to its average volume of 979,421. The firm has a market capitalization of $440.70 million, a P/E ratio of -1.63 and a beta of 2.09. Prime Medicine has a 12-month low of $3.28 and a 12-month high of $9.86. The business’s fifty day moving average is $3.88 and its two-hundred day moving average is $5.02.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC boosted its position in Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after buying an additional 2,520 shares during the period. Squarepoint Ops LLC boosted its position in Prime Medicine by 6.5% during the 2nd quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock valued at $326,000 after acquiring an additional 3,895 shares in the last quarter. ORG Partners LLC bought a new stake in Prime Medicine during the 2nd quarter valued at approximately $29,000. National Bank of Canada FI bought a new stake in Prime Medicine during the 2nd quarter valued at approximately $34,000. Finally, Levin Capital Strategies L.P. lifted its holdings in shares of Prime Medicine by 32.5% during the first quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock valued at $186,000 after purchasing an additional 6,500 shares during the last quarter. Hedge funds and other institutional investors 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.