Prime Medicine (NASDAQ:PRME) Downgraded to "Strong Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Prime Medicine (PRME) from a "sell" to a "strong sell" in a research report issued Saturday.
• Analyst and market context: analysts are mixed—one "strong buy" and several "buy"/"hold" ratings produce a consensus of "Moderate Buy" with a $7.38 target, while PRME trades around $3.43 with a market cap of about $619M and a 1‑year range of $1.11–$6.94.

Prime Medicine (NASDAQ:PRME - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday.

A number of other research analysts also recently issued reports on PRME. Oppenheimer initiated coverage on Prime Medicine in a research note on Thursday, March 12th. They issued an "outperform" rating and a $11.00 price objective on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Prime Medicine in a research note on Monday, December 29th. Finally, Lifesci Capital raised Prime Medicine to a "strong-buy" rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Prime Medicine presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.38.

Prime Medicine Price Performance

Shares of NASDAQ:PRME opened at $3.43 on Friday. The company has a market capitalization of $619.29 million, a price-to-earnings ratio of -2.54 and a beta of 2.65. The business's 50-day moving average is $3.64 and its 200-day moving average is $4.13. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.94.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its stake in Prime Medicine by 10,557.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 121,391 shares of the company's stock worth $421,000 after buying an additional 120,252 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine during the 4th quarter worth approximately $134,000. Chelsea Counsel Co. raised its stake in Prime Medicine by 9.0% during the 4th quarter. Chelsea Counsel Co. now owns 227,000 shares of the company's stock worth $788,000 after buying an additional 18,790 shares during the period. Virtu Financial LLC raised its stake in Prime Medicine by 701.2% during the 4th quarter. Virtu Financial LLC now owns 94,778 shares of the company's stock worth $329,000 after buying an additional 82,948 shares during the period. Finally, XTX Topco Ltd raised its stake in Prime Medicine by 51.2% during the 4th quarter. XTX Topco Ltd now owns 72,935 shares of the company's stock worth $253,000 after buying an additional 24,710 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

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.

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