Prime Medicine (NYSE:PRME) Receives 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 on Wednesday, Benzinga reports. They currently have a $10.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 189.86% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on PRME. Wedbush reissued an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a research report on Thursday, August 8th. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.11.

Prime Medicine Stock Down 10.9 %

PRME stock opened at $3.45 on Wednesday. The company has a 50-day simple moving average of $4.27 and a 200 day simple moving average of $5.46. Prime Medicine has a fifty-two week low of $3.39 and a fifty-two week high of $9.86. The company has a market capitalization of $414.11 million, a P/E ratio of -1.59 and a beta of 2.18.

Prime Medicine (NYSE:PRME) last announced its earnings results on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06). Equities analysts anticipate that Prime Medicine will post -1.76 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently bought and sold shares of the company. Chelsea Counsel Co. raised its position in shares of Prime Medicine by 733.3% during 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 stake in Prime Medicine in the second quarter valued at approximately $29,000. National Bank of Canada FI acquired a new stake in Prime Medicine in the second quarter valued at approximately $34,000. Nisa Investment Advisors LLC grew its stake in Prime Medicine by 22,652.9% in the second 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 during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Prime Medicine by 19.8% in the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after purchasing an additional 2,520 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.