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

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research report issued on Friday, Benzinga reports. They currently have a $10.00 price objective on the stock. HC Wainwright’s price objective indicates a potential upside of 148.14% from the company’s current price.

A number of other analysts also recently issued reports on the company. StockNews.com raised Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $13.50.

Prime Medicine Price Performance

PRME stock opened at $4.03 on Friday. The business’s 50-day moving average is $3.93 and its two-hundred day moving average is $5.12. The firm has a market capitalization of $483.72 million, a P/E ratio of -1.87 and a beta of 2.18. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86.

Prime Medicine (NYSE:PRME) last issued its earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.06). On average, analysts expect that Prime Medicine will post -1.75 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. ProShare Advisors LLC increased its holdings in shares of Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after acquiring an additional 2,520 shares during the period. Squarepoint Ops LLC increased its stake in Prime Medicine by 6.5% in the second quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock valued at $326,000 after purchasing an additional 3,895 shares during the period. ORG Partners LLC purchased a new stake in shares of Prime Medicine in the second quarter valued at about $29,000. National Bank of Canada FI acquired a new stake in shares of Prime Medicine during the second quarter worth about $34,000. Finally, Levin Capital Strategies L.P. grew its holdings in shares of Prime Medicine by 32.5% during the first quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock worth $186,000 after buying an additional 6,500 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.