Prime Medicine (NASDAQ:PRME) Rating Increased to Strong-Buy at BMO Capital Markets

BMO Capital Markets upgraded shares of Prime Medicine (NASDAQ:PRME) from an outperform rating to a strong-buy rating in a research report released on Tuesday, MarketBeat reports.

Several other equities analysts also recently commented on PRME. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Prime Medicine in a report on Monday, August 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. Wall Street Zen raised shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $7.69.

Prime Medicine Price Performance

Shares of NASDAQ:PRME opened at $3.54 on Tuesday. Prime Medicine has a fifty-two week low of $2.67 and a fifty-two week high of $6.94. The business has a 50-day moving average of $3.29 and a two-hundred day moving average of $3.43. The stock has a market capitalization of $642.09 million, a P/E ratio of -3.34 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting 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 business had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. As a group, research analysts expect that Prime Medicine will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently modified their holdings of the business. Alphabet Inc. acquired a new stake in Prime Medicine in the 2nd quarter worth $61,116,000. Redmile Group LLC acquired a new position in shares of Prime Medicine during the first quarter valued at about $5,536,000. ADAR1 Capital Management LLC acquired a new position in shares of Prime Medicine during the first quarter valued at about $6,867,000. UBS Group AG lifted its stake in shares of Prime Medicine by 700.8% in the fourth quarter. UBS Group AG now owns 2,440,583 shares of the company’s stock valued at $8,469,000 after buying an additional 2,135,810 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Prime Medicine by 262.3% in the first quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company’s stock valued at $1,060,000 after buying an additional 220,468 shares during the period. 70.37% of the stock is owned by 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.