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

Key Points

• Wall Street Zen upgraded Prime Medicine from “strong sell” to “sell,” while broader analyst sentiment remains a “Moderate Buy” with an average price target of $7.53.
• Prime Medicine shares opened at $3.08, well below their 52-week high of $6.94. The company met quarterly EPS expectations at a loss of $0.24 but reported revenue of $1.15 million, below the $4.40 million consensus estimate.
• Institutional investors own 70.37% of the company, with several firms—including AQR Capital Management and Mirae Asset Global ETFs—recently increasing their positions.

Prime Medicine (NASDAQ:PRME - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued reports about the company. Citigroup restated a "market outperform" rating on shares of Prime Medicine in a research note on Monday, June 22nd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Prime Medicine in a report on Wednesday, June 3rd. HC Wainwright raised shares of Prime Medicine from a "neutral" rating to a "buy" rating and set a $8.00 price target on the stock in a research report on Monday, June 29th. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a report on Monday, June 22nd. Finally, TD Cowen reissued a "buy" rating on shares of Prime Medicine in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $7.53.

Prime Medicine Stock Up 4.4%

Shares of Prime Medicine stock opened at $3.08 on Friday. Prime Medicine has a 52 week low of $2.67 and a 52 week high of $6.94. The business has a 50 day moving average price of $3.28 and a 200-day moving average price of $3.49. The company has a market cap of $556.31 million, a PE ratio of -2.91 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 156.84% and a negative net margin of 4,613.11%.The company had revenue of $1.15 million for the quarter, compared to analysts' expectations of $4.40 million. As a group, research analysts anticipate that Prime Medicine will post -0.98 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRME. AQR Capital Management LLC raised its stake in Prime Medicine by 1,419.4% in the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock valued at $485,000 after acquiring an additional 227,749 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Prime Medicine during the first quarter worth about $101,000. Rhumbline Advisers boosted its position in Prime Medicine by 13.8% during the first quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock worth $163,000 after purchasing an additional 9,944 shares during the period. Creative Planning bought a new position in Prime Medicine during the second quarter worth about $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Prime Medicine by 253.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company's stock worth $296,000 after purchasing an additional 85,938 shares in the last quarter. Institutional investors 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