Wall Street Zen Upgrades Prime Medicine (NASDAQ:PRME) to Sell

Prime Medicine (NASDAQ:PRME) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued on Sunday.

A number of other analysts have also weighed in on the stock. Oppenheimer assumed coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Prime Medicine in a research note on Monday, December 29th. Finally, Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.38.

Prime Medicine Stock Performance

NASDAQ:PRME opened at $3.81 on Friday. The firm has a market cap of $687.90 million, a P/E ratio of -2.82 and a beta of 2.65. Prime Medicine has a fifty-two week low of $1.11 and a fifty-two week high of $6.94. The firm has a 50-day simple moving average of $3.65 and a two-hundred day simple moving average of $4.06.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of PRME. AQR Capital Management LLC boosted its stake in shares of Prime Medicine by 1,419.4% in the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after buying an additional 227,749 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Prime Medicine in the 1st quarter worth $101,000. Rhumbline Advisers boosted its stake in shares of Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock worth $163,000 after buying an additional 9,944 shares during the last quarter. Creative Planning purchased a new position in shares of Prime Medicine in the 2nd quarter worth $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Prime Medicine by 253.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock worth $296,000 after buying an additional 85,938 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.