Prime Medicine (NYSE:PRME) Earns “Buy” Rating from HC Wainwright

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $10.00 target price on the stock. HC Wainwright’s price target suggests a potential upside of 178.16% from the company’s current price.

Several other brokerages also recently weighed in on PRME. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.25.

Prime Medicine Price Performance

NYSE PRME opened at $3.60 on Wednesday. The company has a market cap of $431.51 million, a P/E ratio of -1.75 and a beta of 2.09. The stock has a 50-day moving average of $3.88 and a two-hundred day moving average of $5.03. Prime Medicine has a 1-year low of $3.28 and a 1-year high of $9.86.

Hedge Funds Weigh In On Prime Medicine

Large investors have recently bought and sold shares of the business. Westwood Holdings Group Inc. acquired a new stake in Prime Medicine during the first quarter worth approximately $1,115,000. Vanguard Group Inc. raised its stake in Prime Medicine by 43.1% during the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after acquiring an additional 1,746,534 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Prime Medicine by 13.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after acquiring an additional 301,431 shares during the last quarter. Millennium Management LLC boosted its stake in Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after acquiring an additional 895,610 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Prime Medicine in the first quarter valued at $148,000. Hedge funds and other institutional investors 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.