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

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

PRME has been the topic of a number of other research reports. Chardan Capital reissued a “buy” rating and set a $7.00 price target on shares of Prime Medicine in a report on Friday, September 25th. Citigroup reaffirmed a “market outperform” rating on shares of Prime Medicine in a research note on Friday, September 25th. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Prime Medicine in a research report on Monday, August 10th. Finally, Jefferies Financial Group reiterated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Stock Down 9.9%

PRME opened at $4.72 on Friday. Prime Medicine has a 52 week low of $2.67 and a 52 week high of $5.91. The business’s 50 day moving average is $3.54 and its two-hundred day moving average is $3.50. The firm has a market cap of $856.11 million, a price-to-earnings ratio of -4.45 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME) last announced its 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 net margin of 4,613.11% and a negative return on equity of 188.27%. The business had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Equities analysts expect that Prime Medicine will post -0.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently added to or reduced their stakes in PRME. Sumitomo Mitsui Trust Group Inc. grew its holdings in Prime Medicine by 20.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,911,596 shares of the company’s stock valued at $8,895,000 after buying an additional 498,612 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Prime Medicine during the 3rd quarter worth about $28,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Prime Medicine by 15.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 33,094 shares of the company’s stock worth $102,000 after acquiring an additional 4,349 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in shares of Prime Medicine by 169.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 79,914 shares of the company’s stock worth $244,000 after acquiring an additional 50,264 shares during the period. Finally, Greenwich Wealth Management LLC boosted its position in shares of Prime Medicine by 2.4% in the second quarter. Greenwich Wealth Management LLC now owns 768,001 shares of the company’s stock worth $2,834,000 after acquiring an additional 18,000 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

Prime Medicine, Inc 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 disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.