Prime Medicine (NYSE:PRME) Stock Rating Upgraded by Citizens Jmp

Citizens Jmp upgraded shares of Prime Medicine (NYSE:PRME) to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

Other analysts also recently issued reports about the stock. Guggenheim reiterated a “buy” rating and issued a $18.00 price target on shares of Prime Medicine in a report on Tuesday, December 3rd. JMP Securities started coverage on Prime Medicine in a research report on Tuesday. They issued an “outperform” rating and a $10.00 target price on the stock. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. Finally, Chardan Capital lowered their target price on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Prime Medicine currently has a consensus rating of “Moderate Buy” and an average price target of $12.67.

Prime Medicine Price Performance

Shares of NYSE PRME opened at $3.22 on Tuesday. The stock has a market cap of $422.34 million, a PE ratio of -1.57 and a beta of 1.89. Prime Medicine has a 1 year low of $2.85 and a 1 year high of $9.86. The firm has a fifty day moving average price of $3.69 and a 200-day moving average price of $4.65.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The business had revenue of $0.21 million during the quarter, compared to analyst estimates of $55.00 million. On average, research analysts expect that Prime Medicine will post -1.7 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. ORG Partners LLC purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $29,000. National Bank of Canada FI purchased a new position in Prime Medicine during the 2nd quarter valued at $34,000. Nisa Investment Advisors LLC boosted its holdings in Prime Medicine by 22,652.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares during the period. Paloma Partners Management Co bought a new position in Prime Medicine in the 3rd quarter valued at $45,000. Finally, Intech Investment Management LLC purchased a new stake in Prime Medicine in the third quarter worth $55,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.