Prime Medicine (NYSE:PRME) Given Neutral Rating at Citigroup

Citigroup restated their neutral rating on shares of Prime Medicine (NYSE:PRME - Free Report) in a report released on Tuesday, Marketbeat.com reports. The firm currently has a $1.50 target price on the stock, down from their previous target price of $10.00.

Several other equities research analysts have also commented on the company. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. HC Wainwright cut Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Wall Street Zen upgraded Prime Medicine to a "sell" rating in a research note on Tuesday, February 11th. JMP Securities lowered their price target on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a report on Tuesday, May 20th. Finally, Chardan Capital cut their price objective on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $10.08.

Prime Medicine Price Performance

Shares of NYSE PRME traded down $0.05 during trading on Tuesday, hitting $1.22. 1,348,746 shares of the company were exchanged, compared to its average volume of 1,333,753. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $8.14. The company has a market cap of $159.52 million, a price-to-earnings ratio of -0.59 and a beta of 1.90. The firm's fifty day moving average price is $1.45 and its 200 day moving average price is $2.34.

Prime Medicine (NYSE:PRME - Get Free Report) last announced its quarterly earnings data on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same quarter in the previous year, the business posted ($2.18) EPS. On average, research analysts forecast that Prime Medicine will post -1.68 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of PRME. ProShare Advisors LLC increased its position in Prime Medicine by 24.6% during the 4th quarter. ProShare Advisors LLC now owns 22,186 shares of the company's stock worth $65,000 after purchasing an additional 4,375 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in Prime Medicine by 20.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company's stock worth $81,000 after buying an additional 4,725 shares during the period. Levin Capital Strategies L.P. increased its position in shares of Prime Medicine by 7.1% in the fourth quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company's stock worth $219,000 after acquiring an additional 5,000 shares in the last quarter. Rhumbline Advisers increased 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 worth $163,000 after acquiring an additional 9,944 shares in the last quarter. Finally, American Century Companies Inc. purchased a new position in shares of Prime Medicine in the 4th quarter valued at $33,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.