Prime Medicine (NASDAQ:PRME) Rating Lowered to Sell at Wall Street Zen

Prime Medicine (NASDAQ:PRME) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

Several other brokerages have also issued reports on PRME. BMO Capital Markets started coverage on shares of Prime Medicine in a research note on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price target for the company. Chardan Capital restated a “buy” rating and set a $7.00 price target on shares of Prime Medicine in a research report on Friday, September 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. Jefferies Financial Group reaffirmed a “market outperform” rating on shares of Prime Medicine in a research note on Monday, September 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Prime Medicine in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Price Performance

Shares of PRME stock opened at $2.98 on Friday. The business’s 50 day simple moving average is $3.24 and its 200 day simple moving average is $3.33. Prime Medicine has a one year low of $2.67 and a one year high of $6.94. The stock has a market capitalization of $540.51 million, a PE ratio of -2.81 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The firm had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million. As a group, research analysts expect that Prime Medicine will post -0.97 earnings per share for the current year.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alphabet Inc. bought a new stake in Prime Medicine during the 2nd quarter worth approximately $61,116,000. BlackRock Inc. bought a new position in shares of Prime Medicine in the second quarter worth approximately $35,432,000. ADAR1 Capital Management LLC bought a new position in shares of Prime Medicine in the second quarter worth approximately $7,371,000. MWG Caph Ltd purchased a new stake in shares of Prime Medicine in the fourth quarter worth $6,219,000. Finally, Redmile Group LLC bought a new stake in shares of Prime Medicine during the 1st quarter valued at $5,536,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

Prime Medicine, Inc (NASDAQ:PRME) is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.