Prime Medicine (NASDAQ:PRME) Rating Increased to Strong-Buy at BMO Capital Markets

Key Points

• BMO Capital Markets upgraded Prime Medicine to “strong buy,” while analysts overall maintain a consensus “buy” rating and a $7.69 price target.
• Prime Medicine opened at $3.54, with a market capitalization of approximately $642 million; its shares have traded between $2.67 and $6.94 over the past year.
• The company reported a quarterly loss of $0.24 per share, in line with estimates, but revenue of $1.15 million fell well short of the $4.40 million analyst consensus. Institutional investors own 70.37% of the stock.

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

Several other equities research analysts have also recently commented on the company. HC Wainwright restated a "buy" rating and issued a $8.00 target price on shares of Prime Medicine in a research note on Monday, August 10th. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research note on Monday, June 22nd. TD Cowen reiterated a "buy" rating on shares of Prime Medicine in a report on Wednesday, July 8th. New Street Research set a $8.00 price objective on shares of Prime Medicine in a research report on Monday, June 29th. Finally, Wall Street Zen upgraded shares of Prime Medicine from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $7.69.

Prime Medicine Price Performance

PRME opened at $3.54 on Tuesday. The business's 50-day moving average price is $3.29 and its two-hundred day moving average price is $3.43. Prime Medicine has a 1 year low of $2.67 and a 1 year high of $6.94. The company has a market capitalization of $642.09 million, a price-to-earnings ratio of -3.34 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting analysts' consensus estimates 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%. Sell-side analysts anticipate that Prime Medicine will post -0.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Creative Planning acquired a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Prime Medicine in the fourth quarter valued at $31,000. Royal Bank of Canada increased its holdings in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock worth $32,000 after buying an additional 4,365 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Prime Medicine during the fourth quarter worth $33,000. Finally, Glen Eagle Advisors LLC bought a new stake in Prime Medicine during the fourth quarter worth $35,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Prime Medicine Company Profile

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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