Prime Medicine (NASDAQ:PRME) Upgraded to Sell at Wall Street Zen

Key Points

• Wall Street Zen upgraded Prime Medicine (PRME) from a "strong sell" to a "sell" rating in a Tuesday research note.
• Despite that change, the stock carries a consensus analyst rating of "Moderate Buy" with a consensus price target of $7.38 and mixed coverage (1 Strong Buy, 4 Buy, 3 Hold, 1 Sell).
• PRME opened at $3.47, has a 52‑week range of $1.11–$6.94, a market cap of about $626.8M, and roughly 70% institutional ownership.

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

PRME has been the topic of a number of other reports. Lifesci Capital upgraded shares of Prime Medicine to a "strong-buy" rating in a research note on Monday, March 2nd. Oppenheimer assumed coverage on shares of Prime Medicine in a report on Thursday, March 12th. They issued an "outperform" rating and a $11.00 price target on the stock. One research 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 given a Sell rating to the stock. According to data from MarketBeat.com, Prime Medicine currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.38.

Prime Medicine Stock Performance

PRME opened at $3.47 on Tuesday. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The firm has a 50-day moving average of $3.72 and a 200 day moving average of $3.90. The firm has a market cap of $626.75 million, a P/E ratio of -2.57 and a beta of 2.35.

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in Prime Medicine by 1,419.4% during the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company's stock worth $485,000 after purchasing an additional 227,749 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of Prime Medicine in the first quarter worth about $101,000. Rhumbline Advisers raised its position in shares of Prime Medicine by 13.8% in the first quarter. Rhumbline Advisers now owns 81,900 shares of the company's stock valued at $163,000 after purchasing an additional 9,944 shares during the period. Creative Planning bought a new stake in shares of Prime Medicine in the second quarter valued at approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Prime Medicine by 253.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company's stock valued at $296,000 after buying an additional 85,938 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

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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