Prime Medicine (NYSE:PRME) Given New $6.00 Price Target at JMP Securities

Prime Medicine (NYSE:PRME) had its price target decreased by JMP Securities from $10.00 to $6.00 in a research note issued to investors on Tuesday,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. restated a “neutral” rating on shares of Prime Medicine in a report on Tuesday. Chardan Capital cut their target price on shares of Prime Medicine from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Monday. Wedbush reiterated 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. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. Finally, HC Wainwright lowered shares of Prime Medicine from a “buy” rating to a “neutral” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $11.80.

Prime Medicine Trading Down 12.0%

Shares of NYSE:PRME opened at $1.18 on Tuesday. The business has a 50-day moving average price of $1.55 and a 200 day moving average price of $2.48. The company has a market capitalization of $154.27 million, a price-to-earnings ratio of -0.57 and a beta of 1.90. Prime Medicine has a 12-month low of $1.11 and a 12-month high of $8.27.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Friday, March 7th. The company reported ($1.65) EPS 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 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

A number of large investors have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. raised its position 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 buying an additional 165,268 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Prime Medicine by 2.5% in 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 acquiring an additional 38,515 shares during the period. Geode Capital Management LLC raised its holdings in 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 acquiring an additional 107,627 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in shares of Prime Medicine by 96.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock worth $2,579,000 after purchasing an additional 433,653 shares during the period. Finally, Greenwich Wealth Management LLC boosted its holdings in shares of Prime Medicine by 5.6% during the fourth quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company’s stock worth $2,260,000 after purchasing an additional 41,000 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.