Prime Medicine (NYSE:PRME) Earns Buy Rating from Guggenheim

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating restated by analysts at Guggenheim in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $18.00 price objective on the stock. Guggenheim’s price target would indicate a potential upside of 464.26% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Wedbush restated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. Chardan Capital decreased their price target on Prime Medicine from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Thursday, November 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

Prime Medicine Price Performance

Shares of NYSE PRME opened at $3.19 on Tuesday. The business’s 50-day moving average price is $3.72 and its two-hundred day moving average price is $4.76. Prime Medicine has a one year low of $2.85 and a one year high of $9.86. The company has a market capitalization of $418.40 million, a P/E ratio of -1.56 and a beta of 1.88.

Prime Medicine (NYSE:PRME) last issued its earnings results on Tuesday, November 12th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.01). The business had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $55.00 million. On average, equities analysts anticipate that Prime Medicine will post -1.7 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Large investors have recently made changes to their positions in the business. ORG Partners LLC acquired a new position in Prime Medicine in the 2nd quarter valued at approximately $29,000. National Bank of Canada FI acquired a new position in Prime Medicine in the 2nd quarter valued at approximately $34,000. Nisa Investment Advisors LLC raised its holdings in Prime Medicine by 22,652.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares in the last quarter. Paloma Partners Management Co acquired a new position in Prime Medicine in the 3rd quarter valued at approximately $45,000. Finally, Intech Investment Management LLC acquired a new position in Prime Medicine in the 3rd quarter valued at approximately $55,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

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.