Prime Medicine (NASDAQ:PRME) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Prime Medicine (NASDAQ:PRME) from a strong sell rating to a sell rating in a report released on Saturday.

PRME has been the topic of a number of other research reports. The Goldman Sachs Group set a $6.00 target price on shares of Prime Medicine in a research report on Monday, June 22nd. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. New Street Research set a $8.00 target price on shares of Prime Medicine in a report on Monday, June 29th. Finally, TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Stock Up 2.3%

PRME stock opened at $3.15 on Friday. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $6.94. The stock has a market cap of $571.35 million, a price-to-earnings ratio of -2.97 and a beta of 2.31. The business has a fifty day moving average of $3.27 and a two-hundred day moving average of $3.48.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). The business had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative return on equity of 156.84% and a negative net margin of 4,613.11%. As a group, sell-side analysts anticipate that Prime Medicine will post -0.99 EPS for the current year.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wealthfront Advisers LLC acquired a new stake in shares of Prime Medicine during the second quarter worth about $42,000. BlackRock Inc. acquired a new position in shares of Prime Medicine in the second quarter valued at approximately $35,432,000. Deutsche Bank AG acquired a new position in shares of Prime Medicine in the second quarter valued at approximately $422,000. Alphabet Inc. purchased a new stake in Prime Medicine during the 2nd quarter worth approximately $61,116,000. Finally, Bank of New York Mellon Corp purchased a new stake in Prime Medicine during the 2nd quarter worth approximately $909,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.