Prime Medicine (NASDAQ:PRME) Raised to “Hold” at Wall Street Zen

Prime Medicine (NASDAQ:PRME) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other brokerages also recently weighed in on PRME. BMO Capital Markets started coverage on Prime Medicine in a report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price target for the company. HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of Prime Medicine in a report on Monday, August 10th. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research report on Monday, June 22nd. Chardan Capital started coverage on shares of Prime Medicine in a research note on Tuesday, August 25th. They issued a “buy” rating and a $7.00 target price for the company. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Prime Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Stock Performance

Shares of PRME stock opened at $3.13 on Friday. The business’s fifty day simple moving average is $3.36 and its 200-day simple moving average is $3.44. The company has a market cap of $567.72 million, a PE ratio of -2.95 and a beta of 2.34. Prime Medicine has a 12-month low of $2.67 and a 12-month high of $6.94.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting 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 firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. On average, equities analysts forecast that Prime Medicine will post -0.96 earnings per share for the current year.

Institutional Trading of Prime Medicine

Institutional investors and hedge funds have recently bought and sold shares of the business. Creative Planning purchased a new stake in Prime Medicine in the second quarter valued at $25,000. Royal Bank of Canada raised its position in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after acquiring an additional 4,365 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine in the fourth quarter valued at approximately $33,000. Glen Eagle Advisors LLC acquired a new position in Prime Medicine in the fourth quarter valued at approximately $35,000. Finally, Wealthfront Advisers LLC purchased a new stake in Prime Medicine in the 1st quarter worth approximately $36,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.