Prime Medicine Receives 'Sell' Rating from StockNews.com

Prime Medicine (NYSE:PRME) has received an updated rating from StockNews.com, which has assigned the company a "sell" rating as per their report published on Tuesday. This signifies a shift in sentiment regarding the stock's future performance.

Analyst Coverage and Ratings

Prime Medicine has recently attracted attention from various analysts. JMP Securities initiated coverage on December 10, offering an "outperform" rating with a target price of $10.00. On December 3, Guggenheim reaffirmed a "buy" rating and set a price target of $18.00 for the company's shares. Additionally, Citizens JMP elevated their rating to "strong-buy" on the same day. In contrast, Chardan Capital revised their price target down from $17.00 to $15.00, maintaining a "buy" rating. Meanwhile, HC Wainwright also reiterated a "buy" rating, with a target price of $10.00.

Overall, one analyst has issued a "sell" rating, another has given a hold rating, while nine have opted for a buy rating, including one strong buy. According to MarketBeat.com, the consensus rating for Prime Medicine is a "Moderate Buy" with an average target price of $12.67.

Stock Performance Overview

In trading on Tuesday, shares of PRME dropped by $0.05, closing at $2.76. The trading volume was notably lower than the average, with 563,349 shares changing hands versus an average volume of 1,012,338. The market capitalization of Prime Medicine stands at $362.00 million, with a price-to-earnings ratio of -1.35 and a beta value of 1.89. The stock’s 52-week performance has seen a low of $2.56 and a high of $9.80. The moving averages for the stock are currently positioned at $3.56 for the 50-day and $4.39 for the 200-day periods.

Recent Earnings and Outlook

Prime Medicine’s quarterly earnings, which were disclosed on November 12, showed a report of ($0.44) EPS, falling just short of analysts' expectations of ($0.43) by $0.01. The company's revenue for that quarter totaled $0.21 million, significantly lower than the anticipated $55.00 million. Looking ahead, analysts predict that Prime Medicine will report an EPS of -1.7 for the current fiscal year.

Institutional Investor Activity

Several institutional investors have made changes to their investments in Prime Medicine recently. National Bank of Canada FI acquired a new stake valued at approximately $34,000 in the second quarter. Meanwhile, Nisa Investment Advisors LLC increased its shares by an astonishing 22,652.9%, now holding 7,736 shares worth around $40,000 after acquiring an additional 7,702 shares. Paloma Partners Management Co and Intech Investment Management LLC also entered the fray with new stakes of $45,000 and $55,000, respectively. A significant 70.37% of Prime Medicine's shares are currently owned by institutional investors.

Company Profile

Prime Medicine, Inc., a biotechnology firm, focuses on delivering genetic therapies through gene editing technologies that target a wide range of diseases. The company employs Prime Editors, which consist of a fusion between a Cas protein and a reverse transcriptase enzyme, complemented by pegRNA that directs the Prime Editor to specific genomic locations for targeted DNA sequence modifications.

Conclusion

The upgrade to a "sell" rating by StockNews.com may signal caution for investors looking at Prime Medicine. While the company garners mixed reactions from analysts, the significant revisions in ratings and average price targets indicate potential volatility ahead.

Prime, Medicine, Investment