Citigroup Reaffirms "Neutral" Rating for Prime Medicine (NYSE:PRME)

Citigroup reissued their neutral rating on shares of Prime Medicine (NYSE:PRME - Free Report) in a report released on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has a $1.50 price target on the stock, down from their prior price target of $10.00.

A number of other equities analysts also recently weighed in on PRME. HC Wainwright downgraded Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. JMP Securities dropped their target price on Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 20th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. Wedbush reiterated an "outperform" rating and issued a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. Finally, Chardan Capital dropped their target price on 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $10.08.

Prime Medicine Trading Down 0.8%

PRME stock traded down $0.01 during mid-day trading on Tuesday, reaching $1.26. 1,081,194 shares of the stock traded hands, compared to its average volume of 1,332,809. Prime Medicine has a 52-week low of $1.11 and a 52-week high of $8.14. The company has a market cap of $165.43 million, a P/E ratio of -0.61 and a beta of 1.90. The stock's fifty day moving average is $1.48 and its 200-day moving average is $2.37.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. bought a new stake in Prime Medicine during the fourth quarter worth approximately $33,000. Nisa Investment Advisors LLC boosted its holdings 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 worth $37,000 after buying an additional 12,507 shares during the period. Northern Trust Corp boosted its holdings in shares of Prime Medicine by 3.9% during the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company's stock worth $1,591,000 after buying an additional 20,389 shares during the period. Geode Capital Management LLC grew its stake in Prime Medicine by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock valued at $4,287,000 after buying an additional 107,627 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Prime Medicine by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 484,591 shares of the company's stock worth $1,415,000 after acquiring an additional 20,614 shares during the last quarter. 70.37% of the stock is 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.