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

Prime Medicine (NYSE:PRME) was downgraded by analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, Marketbeat Ratings reports.

PRME has been the subject of a number of other research reports. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Prime Medicine in a research note on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $13.00 price objective (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday, March 18th. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research report on Tuesday, February 11th. 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 research report on Monday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.80.

Prime Medicine Trading Down 0.9%

NYSE:PRME opened at $1.17 on Tuesday. The company has a market cap of $152.96 million, a price-to-earnings ratio of -0.57 and a beta of 1.90. Prime Medicine has a twelve month low of $1.11 and a twelve month high of $8.14. The stock has a fifty day simple moving average of $1.54 and a 200-day simple moving average of $2.47.

Prime Medicine (NYSE:PRME) 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 posted ($2.18) earnings per share. As a group, equities research analysts predict that Prime Medicine will post -1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. increased its holdings in shares of Prime Medicine by 4.2% in 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 purchasing an additional 165,268 shares during the period. Price T Rowe Associates Inc. MD grew 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 purchasing an additional 38,515 shares during the period. Geode Capital Management LLC lifted its holdings in shares of 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 period. Westwood Holdings Group Inc. grew its holdings in Prime Medicine by 96.5% during the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock worth $2,579,000 after acquiring an additional 433,653 shares during the period. Finally, Greenwich Wealth Management LLC lifted its holdings in 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 during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.