Wall Street Zen Upgrades Prime Medicine (NASDAQ:PRME) to "Hold"

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 $4.72, above their 50-day and 200-day moving averages of $3.54 and $3.50, respectively; the stock has traded between $2.67 and $5.91 over the past year.
• The biotechnology company met quarterly EPS expectations at a loss of $0.24 per share, but revenue of $1.15 million fell well short of the $4.40 million consensus estimate. 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 brokerages also recently issued reports on PRME. TD Cowen reissued a "buy" rating on shares of Prime Medicine in a research note on Wednesday, July 8th. HC Wainwright restated a "buy" rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. Chardan Capital reaffirmed a "buy" rating and set a $7.00 price objective on shares of Prime Medicine in a report on Friday, September 25th. BMO Capital Markets assumed coverage on shares of Prime Medicine in a report on Tuesday, August 18th. They set an "outperform" rating and a $9.00 price objective for the company. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Prime Medicine in a research report on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $7.47.

Prime Medicine Price Performance

NASDAQ:PRME opened at $4.72 on Friday. The business's 50-day simple moving average is $3.54 and its two-hundred day simple moving average is $3.50. Prime Medicine has a 52 week low of $2.67 and a 52 week high of $5.91.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced 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 business had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. As a group, analysts expect that Prime Medicine will post -0.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRME. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Prime Medicine during the 3rd quarter worth approximately $28,000. Royal Bank of Canada boosted its position in shares of Prime Medicine by 89.3% during the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock valued at $32,000 after acquiring an additional 4,365 shares during the last quarter. Wealthfront Advisers LLC bought a new position in shares of Prime Medicine during the 1st quarter valued at approximately $36,000. Kingsview Wealth Management LLC purchased a new position in shares of Prime Medicine in the second quarter valued at $37,000. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Prime Medicine in the first quarter valued at $41,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

About Prime Medicine

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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