BMO Capital Markets Upgrades Prime Medicine (NASDAQ:PRME) to Strong-Buy

Prime Medicine (NASDAQ:PRME) was upgraded by investment analysts at BMO Capital Markets from an “outperform” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports.

PRME has been the subject of a number of other reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a report on Monday, June 22nd. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, August 10th. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. Finally, Wall Street Zen upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Prime Medicine presently has a consensus rating of “Buy” and a consensus price target of $7.69.

Prime Medicine Stock Performance

PRME stock opened at $3.54 on Tuesday. The company has a market capitalization of $642.09 million, a PE ratio of -3.34 and a beta of 2.31. Prime Medicine has a 52 week low of $2.67 and a 52 week high of $6.94. The company’s 50-day simple moving average is $3.29 and its 200 day simple moving average is $3.43.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.24). The business had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. On average, analysts forecast that Prime Medicine will post -0.97 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Several large investors have recently added to or reduced their stakes in PRME. Alphabet Inc. bought a new stake in shares of Prime Medicine during the 2nd quarter valued at about $61,116,000. Redmile Group LLC bought a new position in shares of Prime Medicine during the first quarter valued at about $5,536,000. ADAR1 Capital Management LLC bought a new stake in shares of Prime Medicine in the first quarter worth about $6,867,000. UBS Group AG increased its holdings in Prime Medicine by 700.8% during the 4th quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock valued at $8,469,000 after purchasing an additional 2,135,810 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Prime Medicine by 262.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company’s stock valued at $1,060,000 after purchasing an additional 220,468 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

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.