Prime Medicine’s (PRME) “Buy” Rating Reaffirmed at HC Wainwright

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They currently have a $10.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 189.86% from the stock’s current price.

PRME has been the topic of several other research reports. StockNews.com raised Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and an average price target of $14.11.

Prime Medicine Price Performance

PRME opened at $3.45 on Wednesday. Prime Medicine has a 1 year low of $3.39 and a 1 year high of $9.86. The stock has a 50-day moving average price of $4.27 and a 200-day moving average price of $5.46. The firm has a market cap of $414.11 million, a PE ratio of -1.59 and a beta of 2.18.

Prime Medicine (NYSE:PRME) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). As a group, sell-side analysts anticipate that Prime Medicine will post -1.76 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently modified their holdings of PRME. Chelsea Counsel Co. boosted its position in shares of Prime Medicine by 733.3% in the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after acquiring an additional 4,400 shares during the last quarter. ORG Partners LLC acquired a new position in Prime Medicine during the second quarter valued at approximately $29,000. National Bank of Canada FI acquired a new position in Prime Medicine during the second quarter valued at approximately $34,000. Nisa Investment Advisors LLC lifted its position in Prime Medicine by 22,652.9% during the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after buying an additional 7,702 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after buying an additional 2,520 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

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.