Prime Medicine (NASDAQ:PRME) Upgraded at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Prime Medicine (NASDAQ:PRME – Free Report) from a sell rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

PRME has been the subject of several other reports. BMO Capital Markets began coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Prime Medicine in a report on Monday, August 10th. Jefferies Financial Group reissued a “market outperform” rating on shares of Prime Medicine in a report on Monday, September 28th. TD Cowen restated a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $7.47.

View Our Latest Stock Report on Prime Medicine

Prime Medicine Trading Down 5.9%

Shares of Prime Medicine stock opened at $4.44 on Friday. Prime Medicine has a 52-week low of $2.67 and a 52-week high of $5.91. The company has a 50 day moving average of $3.56 and a 200 day moving average of $3.50.

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

Hedge Funds Weigh In On Prime Medicine

Several hedge funds have recently added to or reduced their stakes in the stock. Alphabet Inc. acquired a new position in shares of Prime Medicine in the 2nd quarter valued at $61,116,000. BlackRock Inc. purchased a new position in shares of Prime Medicine in the 2nd quarter valued at $35,432,000. ADAR1 Capital Management LLC acquired a new stake in Prime Medicine during the 2nd quarter worth $7,371,000. Redmile Group LLC acquired a new stake in Prime Medicine during the 1st quarter worth $5,536,000. Finally, Bank of America Corp DE acquired a new stake in Prime Medicine during the 2nd quarter worth $3,621,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

(Get Free Report)

Prime Medicine, Inc 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 disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.

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