Prime Medicine (NASDAQ:PRME) Upgraded to Strong-Buy at Chardan Capital

Key Points

• Chardan Capital upgraded Prime Medicine to “strong buy.” Overall analyst sentiment is “Buy,” with a consensus price target of $7.47, although ratings remain mixed.
• Prime Medicine shares were trading around $3.58, down 3.5%, with a market capitalization of approximately $649 million and a 12-month range of $2.67 to $6.94.
• The biotechnology company reported a quarterly loss of $0.24 per share, matching estimates, but revenue of $1.15 million fell well short of the $4.40 million analyst consensus. Institutional investors and hedge funds own 70.37% of the stock, including a new $61.1 million position by Alphabet.

Prime Medicine (NASDAQ:PRME - Get Free Report) was upgraded by investment analysts at Chardan Capital to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Wall Street Zen upgraded Prime Medicine from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. TD Cowen restated a "buy" rating on shares of Prime Medicine in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. Citigroup reiterated a "market outperform" rating on shares of Prime Medicine in a research note on Monday, June 22nd. Finally, New Street Research set a $8.00 target price on shares of Prime Medicine in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $7.47.

Prime Medicine Trading Down 3.5%

Shares of Prime Medicine stock opened at $3.58 on Tuesday. The company has a fifty day moving average price of $3.34 and a 200 day moving average price of $3.42. Prime Medicine has a twelve month low of $2.67 and a twelve month high of $6.94. The stock has a market cap of $649.34 million, a price-to-earnings ratio of -3.38 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). The company had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. Analysts forecast that Prime Medicine will post -0.95 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently bought and sold shares of the business. Alphabet Inc. acquired a new position in Prime Medicine during the 2nd quarter worth $61,116,000. Redmile Group LLC acquired a new stake in shares of Prime Medicine in the 1st quarter valued at about $5,536,000. ADAR1 Capital Management LLC bought a new position in shares of Prime Medicine during the first quarter worth about $6,867,000. UBS Group AG grew its stake in Prime Medicine by 700.8% in the fourth quarter. UBS Group AG now owns 2,440,583 shares of the company's stock worth $8,469,000 after purchasing an additional 2,135,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Prime Medicine by 262.3% in the first quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company's stock worth $1,060,000 after purchasing an additional 220,468 shares in the last quarter. Institutional investors and hedge funds 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source