Prime Medicine Receives 'Sell' Rating from StockNews.com

On Tuesday, investment analysts from StockNews.com upgraded Prime Medicine (NYSE:PRME) to a "sell" rating. This change reflects concerns regarding the company's stock performance and outlook.

Prime Medicine has been the focus of various research analyses recently. JMP Securities initiated coverage on December 10th, giving the stock an "outperform" rating with a target price of $10.00. Meanwhile, Guggenheim reiterated a "buy" rating along with a more ambitious target of $18.00 in their report on December 3rd. Citizens JMP also upgraded Prime Medicine to a "strong-buy" on the same day. However, Chardan Capital adjusted its price target downward from $17.00 to $15.00 while maintaining a "buy" rating in a November report. Additionally, HC Wainwright reaffirmed a "buy" rating with a target price of $10.00 on November 13th.

The stock has received mixed ratings overall. One analyst has indicated a "sell" rating, one has a "hold" rating, while nine analysts consider it a "buy," and one analyst stands by a "strong buy." According to MarketBeat.com, Prime Medicine's stock currently holds a consensus rating of "Moderate Buy" with an average target price of $12.67.

Prime Medicine Stock Performance

During trading on Tuesday, PRME shares experienced a minor decline of $0.05, closing at $2.76. A total of 563,349 shares changed hands, which is lower than its average trading volume of 1,012,338. The stock currently boasts a market capitalization of $362 million, with a negative price-to-earnings ratio of -1.35. Over the past year, Prime Medicine's stock has fluctuated between a low of $2.56 and a high of $9.80. The stock's 50-day and 200-day moving averages are $3.56 and $4.39, respectively.

Prime Medicine's last quarterly earnings report was released on November 12th. The company reported an earnings per share (EPS) of ($0.44), which fell short of analysts' expectations of ($0.43) by just one cent. Revenue for the quarter was $0.21 million, significantly lower than the anticipated $55 million. Analysts expect Prime Medicine to report an EPS of -1.7 for the current fiscal year.

Institutional Investors' Involvement

Recent activities by institutional investors indicate changing dynamics in Prime Medicine's stock holdings. For instance, National Bank of Canada FI acquired a new stake in the company during the second quarter, valued at approximately $34,000. Nisa Investment Advisors LLC dramatically increased its position by over 22,652% during the same period, owning 7,736 shares worth about $40,000 after bolstering its holdings by 7,702 shares. Other notable investments include Paloma Partners Management Co and Intech Investment Management LLC, both securing new stakes worth $45,000 and $55,000 respectively. Overall, hedge funds and institutions currently own around 70.37% of Prime Medicine's stock.

Company Overview

Prime Medicine, Inc. is a biotechnology company dedicated to developing genetic therapies aimed at treating a range of diseases through innovative gene editing technologies. One of its key offerings is the Prime Editors, which include a Prime Editing protein that consists of a fusion between a Cas protein and a reverse transcriptase enzyme, alongside a pegRNA for targeting specific genomic locations and facilitating necessary edits to DNA sequences.

As Prime Medicine continues to navigate its market positioning, analysts and investors will undoubtedly keep a close eye on future developments and performance indicators. Understanding these trends will be critical for those considering investment in this field.

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