Prime Medicine (NASDAQ:PRME) Cut to Sell at Wall Street Zen

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

A number of other equities research analysts have also weighed in on PRME. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. Chardan Capital reiterated a “buy” rating and issued a $7.00 price objective on shares of Prime Medicine in a research report on Friday, September 25th. New Street Research set a $8.00 price objective on Prime Medicine in a research note on Monday, June 29th. The Goldman Sachs Group set a $6.00 target price 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. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Stock Performance

NASDAQ PRME opened at $3.21 on Friday. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $6.94. The company has a fifty day moving average of $3.24 and a 200-day moving average of $3.33. The company has a market capitalization of $582.23 million, a P/E ratio of -3.03 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME) last released its earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting analysts’ consensus estimates of ($0.24). The business had revenue of $1.15 million for 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%. As a group, analysts forecast that Prime Medicine will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently modified their holdings of PRME. Alphabet Inc. acquired a new position in Prime Medicine during the 2nd quarter worth about $61,116,000. BlackRock Inc. acquired a new position in shares of Prime Medicine in the 2nd quarter valued at $35,432,000. ADAR1 Capital Management LLC acquired a new position in shares of Prime Medicine during the 2nd quarter worth about $7,371,000. MWG Caph Ltd acquired a new position in Prime Medicine during the fourth quarter valued at approximately $6,219,000. Finally, Redmile Group LLC bought a new stake in shares of Prime Medicine in the 1st quarter valued at $5,536,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc (NASDAQ:PRME) 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 a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.