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

Key Points

• Wall Street Zen downgraded Prime Medicine from “Hold” to “Sell,” although the broader analyst consensus remains “Moderate Buy” with a $7.47 target price.
• Prime Medicine shares opened at $2.98, near their 12-month low of $2.67, while the company reported a quarterly loss of $0.24 per share and revenue of $1.15 million, below the $4.40 million consensus estimate.
• Institutional ownership is substantial at 70.37%, with Alphabet and BlackRock among investors that established new positions during the second quarter.

Prime Medicine (NASDAQ:PRME - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other brokerages also recently weighed in on PRME. Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a report on Monday, August 31st. TD Cowen restated a "buy" rating on shares of Prime Medicine in a report on Wednesday, July 8th. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a report on Monday, June 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Prime Medicine in a research report on Monday, August 10th. Finally, New Street Research set a $8.00 target price on shares of Prime Medicine in a research note on Monday, June 29th. One research 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $7.47.

Prime Medicine Trading Down 0.3%

Shares of Prime Medicine stock opened at $2.98 on Friday. The business's fifty day simple moving average is $3.24 and its 200 day simple moving average is $3.34. Prime Medicine has a 12 month low of $2.67 and a 12 month high of $6.94. The firm has a market capitalization of $540.51 million, a P/E ratio of -2.81 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (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 firm had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. Analysts predict that Prime Medicine will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in the business. Alphabet Inc. purchased a new position in shares of Prime Medicine in the second quarter worth about $61,116,000. BlackRock Inc. purchased a new stake in shares of Prime Medicine during the 2nd quarter valued at approximately $35,432,000. ADAR1 Capital Management LLC bought a new position in Prime Medicine in the 2nd quarter worth approximately $7,371,000. MWG Caph Ltd bought a new position in Prime Medicine in the 4th quarter worth approximately $6,219,000. Finally, Redmile Group LLC purchased a new position in Prime Medicine in the 1st quarter valued at approximately $5,536,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.

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