Prime Medicine (NYSE:PRME) Rating Lowered to Neutral at HC Wainwright

Prime Medicine (NYSE:PRME - Get Free Report) was downgraded by stock analysts at HC Wainwright from a "buy" rating to a "neutral" rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. HC Wainwright also issued estimates for Prime Medicine's FY2029 earnings at ($0.85) EPS.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research report on Tuesday, May 20th. Wall Street Zen upgraded Prime Medicine to a "sell" rating in a research note on Tuesday, February 11th. Chardan Capital cut their price target on Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a research note on Monday, May 19th. Finally, Wedbush restated an "outperform" rating and set a $13.00 price target (up from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.80.

Prime Medicine Trading Up 4.9%

NYSE:PRME traded up $0.06 during mid-day trading on Tuesday, reaching $1.29. The company's stock had a trading volume of 2,003,032 shares, compared to its average volume of 1,328,146. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $8.14. The firm's fifty day moving average price is $1.52 and its two-hundred day moving average price is $2.43. The stock has a market cap of $169.37 million, a P/E ratio of -0.63 and a beta of 1.90.

Prime Medicine (NYSE:PRME - Get Free Report) last issued its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same period last year, the firm earned ($2.18) earnings per share. Analysts predict that Prime Medicine will post -1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Large investors have recently made changes to their positions in the company. American Century Companies Inc. bought a new position in shares of Prime Medicine during the 4th quarter valued at approximately $33,000. Nisa Investment Advisors LLC grew its stake in shares of Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company's stock valued at $37,000 after acquiring an additional 12,507 shares during the period. CWM LLC grew its stake in shares of Prime Medicine by 741.5% during the 1st quarter. CWM LLC now owns 20,466 shares of the company's stock valued at $41,000 after acquiring an additional 18,034 shares during the period. XTX Topco Ltd bought a new position in shares of Prime Medicine during the 4th quarter valued at approximately $42,000. Finally, AXQ Capital LP bought a new position in shares of Prime Medicine during the 4th quarter valued at approximately $45,000. 70.37% of the stock is currently owned by institutional investors.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.