Prime Medicine (NASDAQ:PRME) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Prime Medicine from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with an average price target of $7.47.
• Prime Medicine shares opened at $3.13, near the lower end of their 52-week range of $2.67 to $6.94; the company has a market capitalization of approximately $568 million.
• The biotechnology company reported a quarterly loss of $0.24 per share, in line with estimates, but revenue of $1.15 million fell short of the $4.40 million consensus forecast. Institutional investors own approximately 70.37% of the stock.

Prime Medicine (NASDAQ:PRME - Get Free Report) 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 analysts also recently weighed in on PRME. Citigroup restated a "market outperform" rating on shares of Prime Medicine in a research note on Monday, June 22nd. Weiss Ratings reissued a "sell (e+)" rating on shares of Prime Medicine in a report on Monday, August 31st. BMO Capital Markets started coverage on Prime Medicine in a research note on Tuesday, August 18th. They issued an "outperform" rating and a $9.00 target price on the stock. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a report on Monday, June 22nd. Finally, Chardan Capital assumed coverage on Prime Medicine in a research report on Tuesday, August 25th. They issued a "buy" rating and a $7.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Prime Medicine currently has an average rating of "Moderate Buy" and an average price target of $7.47.

Prime Medicine Price Performance

Shares of NASDAQ PRME opened at $3.13 on Friday. Prime Medicine has a 1 year low of $2.67 and a 1 year high of $6.94. The stock has a market cap of $567.72 million, a P/E ratio of -2.95 and a beta of 2.34. The firm has a 50-day moving average of $3.36 and a 200 day moving average of $3.44.

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 for the quarter, hitting analysts' consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The business had revenue of $1.15 million for the quarter, compared to analysts' expectations of $4.40 million. Research analysts expect that Prime Medicine will post -0.96 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning purchased a new position in shares of Prime Medicine in the second quarter worth $25,000. Royal Bank of Canada boosted its position in shares of 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 buying an additional 4,365 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Prime Medicine in the 4th quarter worth about $33,000. Glen Eagle Advisors LLC bought a new stake in Prime Medicine in the 4th quarter worth about $35,000. Finally, Wealthfront Advisers LLC purchased a new position in Prime Medicine in the 1st quarter worth about $36,000. Institutional investors own 70.37% of the company's stock.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.