Prime Medicine (NYSE:PRME) Downgraded to "Neutral" Rating by HC Wainwright

Prime Medicine (NYSE:PRME - Get Free Report) was downgraded by equities research analysts at HC Wainwright from a "buy" rating to a "neutral" rating in a report issued on Tuesday, Marketbeat reports.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Prime Medicine in a research report on Tuesday. Chardan Capital reduced their price target on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating for the company in a report on Monday. StockNews.com raised shares of Prime Medicine to a "sell" rating in a research report on Tuesday, February 11th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. One equities 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $12.60.

Prime Medicine Stock Performance

Shares of NYSE PRME opened at $1.34 on Tuesday. The firm has a 50 day moving average price of $1.56 and a 200 day moving average price of $2.50. The stock has a market cap of $175.28 million, a P/E ratio of -0.65 and a beta of 1.90. Prime Medicine has a 52-week low of $1.12 and a 52-week high of $8.27.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. boosted its stake in Prime Medicine by 4.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock valued at $8,245,000 after purchasing an additional 165,268 shares during the period. Price T Rowe Associates Inc. MD increased its position in Prime Medicine by 2.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company's stock worth $4,628,000 after buying an additional 38,515 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Prime Medicine by 7.9% during the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock worth $4,287,000 after buying an additional 107,627 shares in the last quarter. Westwood Holdings Group Inc. boosted its position in shares of Prime Medicine by 96.5% in the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after acquiring an additional 433,653 shares during the period. Finally, Greenwich Wealth Management LLC grew its stake in shares of Prime Medicine by 5.6% in the fourth quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company's stock valued at $2,260,000 after acquiring an additional 41,000 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Prime Medicine Company Profile

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.

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