StockNews.com Upgrades Prime Medicine (NYSE:PRME) to Sell

Prime Medicine (NYSE:PRME) was upgraded by equities research analysts at StockNews.com to a “sell” rating in a research note issued to investors on Thursday.

Several other brokerages have also issued reports on PRME. Chardan Capital lowered their price target on shares of Prime Medicine from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday. Finally, Wedbush reissued an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.25.

Prime Medicine Price Performance

Shares of NYSE PRME traded down $0.36 during mid-day trading on Thursday, hitting $3.60. The company had a trading volume of 1,372,519 shares, compared to its average volume of 980,899. Prime Medicine has a 12 month low of $3.28 and a 12 month high of $9.86. The firm has a market cap of $431.51 million, a P/E ratio of -1.75 and a beta of 2.09. The business’s 50-day simple moving average is $3.88 and its 200-day simple moving average is $5.03.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors have recently added to or reduced their stakes in PRME. ORG Partners LLC bought a new position in shares of Prime Medicine in the second quarter valued at $29,000. National Bank of Canada FI acquired a new position in Prime Medicine during the 2nd quarter valued at about $34,000. Nisa Investment Advisors LLC grew its holdings in Prime Medicine by 22,652.9% during the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock worth $40,000 after buying an additional 7,702 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Prime Medicine in the third quarter valued at about $55,000. Finally, Corsair Capital Management L.P. purchased a new stake in Prime Medicine in the 3rd quarter valued at about $77,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

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.