Prime Medicine (NYSE:PRME) Earns "Neutral" Rating from JPMorgan Chase & Co.

Prime Medicine (NYSE:PRME - Get Free Report)'s stock had its "neutral" rating restated by equities researchers at JPMorgan Chase & Co. in a report issued on Tuesday, MarketBeat.com reports.

A number of other analysts have also commented on the company. Wedbush reaffirmed an "outperform" rating and issued a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. Chardan Capital dropped 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. HC Wainwright reaffirmed a "buy" rating and issued a $10.00 price target on shares of Prime Medicine in a research note on Wednesday, March 19th. Finally, Wall Street Zen raised Prime Medicine to a "sell" rating in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $11.80.

Prime Medicine Stock Up 4.9%

Shares of PRME stock traded up $0.06 during trading on Tuesday, hitting $1.29. The company had a trading volume of 2,003,032 shares, compared to its average volume of 1,328,146. Prime Medicine has a 52 week low of $1.11 and a 52 week high of $8.14. The stock's 50-day moving average is $1.52 and its two-hundred day moving average is $2.43. The stock has a market capitalization of $169.37 million, a price-to-earnings 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 (EPS) for the quarter. During the same period in the previous year, the company posted ($2.18) EPS. On average, research analysts predict that Prime Medicine will post -1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chelsea Counsel Co. lifted its position in Prime Medicine by 11.5% during the first quarter. Chelsea Counsel Co. now owns 208,210 shares of the company's stock valued at $414,000 after buying an additional 21,430 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in Prime Medicine during the first quarter valued at $101,000. AQR Capital Management LLC lifted 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 valued at $485,000 after buying an additional 227,749 shares during the period. Ieq Capital LLC purchased a new position in Prime Medicine during the first quarter valued at $69,000. Finally, T. Rowe Price Investment Management Inc. lifted its position in Prime Medicine by 4.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock valued at $8,245,000 after buying an additional 165,268 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.

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.