Prime Medicine (NASDAQ:PRME) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Prime Medicine (NASDAQ:PRME) from a sell rating to a strong sell rating in a research note released on Saturday.

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

Prime Medicine Price Performance

Shares of NASDAQ:PRME opened at $3.66 on Friday. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.94. The company has a market cap of $660.81 million, a PE ratio of -2.71 and a beta of 2.65. The stock’s 50-day moving average is $3.63 and its 200 day moving average is $4.10.

Institutional Trading of Prime Medicine

Large investors have recently bought and sold shares of the company. Creative Planning bought a new stake in Prime Medicine during the 2nd quarter valued at approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Prime Medicine during the 4th quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd bought a new stake in Prime Medicine during the 4th quarter valued at approximately $33,000. Glen Eagle Advisors LLC bought a new stake in Prime Medicine during the 4th quarter valued at approximately $35,000. Finally, Russell Investments Group Ltd. boosted its position in Prime Medicine by 1,316.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock valued at $38,000 after acquiring an additional 6,345 shares in the last quarter. 70.37% of the stock is owned by 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.