Prime Medicine (NASDAQ:PRME) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Prime Medicine (NASDAQ:PRME) from a "sell" to a "strong sell" in a report issued Monday.
• Analyst coverage is mixed—Weiss Ratings also has a "sell (d-)", Lifesci Capital a "strong-buy", and Oppenheimer an "outperform" with an $11 target—yet MarketBeat's consensus remains a "Moderate Buy" with an average price target of $7.38.
• Shares opened around $3.70, the company has a market cap near $668 million and a negative PE (-2.74), a 52-week range of $1.11–$6.94, and about 70% of shares are held by institutional investors.

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

A number of other brokerages have also weighed in on PRME. Weiss Ratings reiterated a "sell (d-)" rating on shares of Prime Medicine in a report on Monday, December 29th. Lifesci Capital upgraded shares of Prime Medicine to a "strong-buy" rating in a report on Monday, March 2nd. Finally, Oppenheimer assumed coverage on shares of Prime Medicine in a report on Thursday, March 12th. They set an "outperform" rating and a $11.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $7.38.

Prime Medicine Price Performance

Shares of PRME opened at $3.70 on Monday. The firm has a market cap of $668.29 million, a PE ratio of -2.74 and a beta of 2.65. The company's fifty day moving average is $3.69 and its two-hundred day moving average is $3.96. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Pictet Asset Management Holding SA acquired a new position in shares of Prime Medicine during the 1st quarter valued at $42,000. Rockefeller Capital Management L.P. lifted its holdings in shares of 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 valued at $421,000 after acquiring an additional 120,252 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Prime Medicine during the 4th quarter valued at $134,000. Chelsea Counsel Co. lifted its holdings in shares of Prime Medicine by 9.0% during the 4th quarter. Chelsea Counsel Co. now owns 227,000 shares of the company's stock valued at $788,000 after acquiring an additional 18,790 shares in the last quarter. Finally, Virtu Financial LLC lifted its holdings in shares of Prime Medicine by 701.2% during the 4th quarter. Virtu Financial LLC now owns 94,778 shares of the company's stock valued at $329,000 after acquiring an additional 82,948 shares in the last quarter. 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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