Prime Medicine (NYSE:PRME) Upgraded at Citigroup

Prime Medicine (NYSE:PRME) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Thursday, FinViz reports. The firm presently has a $10.00 target price on the stock. Citigroup’s target price suggests a potential upside of 47.93% from the company’s previous close.

PRME has been the topic of several other reports. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research report on Tuesday. Chardan Capital began coverage on Prime Medicine in a report on Monday, April 22nd. They set a “buy” rating and a $17.00 target price on the stock. 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 research note on Monday. TD Cowen assumed coverage on shares of Prime Medicine in a research report on Monday, April 8th. They issued a “buy” rating on the stock. Finally, Jefferies Financial Group restated a “buy” rating and set a $15.00 price objective (down previously from $23.00) on shares of Prime Medicine in a research report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $15.60.

Prime Medicine Stock Up 1.5 %

Shares of NYSE PRME opened at $6.76 on Thursday. Prime Medicine has a fifty-two week low of $4.11 and a fifty-two week high of $17.20. The business has a 50 day moving average price of $6.15 and a two-hundred day moving average price of $7.19. The firm has a market cap of $811.40 million, a PE ratio of -3.12 and a beta of 2.07.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). On average, analysts anticipate that Prime Medicine will post -1.8 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRME. Vanguard Group Inc. grew its holdings in shares of Prime Medicine by 43.1% during the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after buying an additional 1,746,534 shares in the last quarter. Redmile Group LLC raised its holdings in Prime Medicine by 56.6% in the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after acquiring an additional 750,000 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Prime Medicine by 18.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock worth $34,676,000 after purchasing an additional 571,097 shares in the last quarter. ARK Investment Management LLC raised its stake in shares of Prime Medicine by 19.7% in the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after purchasing an additional 515,841 shares in the last quarter. Finally, Bollard Group LLC acquired a new position in shares of Prime Medicine in the 4th quarter valued at $3,200,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.