HC Wainwright Reiterates “Buy” Rating for Prime Medicine (NYSE:PRME)

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They currently have a $10.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 138.10% from the stock’s previous close.

Several other brokerages also recently weighed in on PRME. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $13.50.

Prime Medicine Stock Performance

NYSE PRME opened at $4.20 on Friday. The firm has a market capitalization of $504.13 million, a price-to-earnings ratio of -1.94 and a beta of 2.18. The company’s 50 day moving average price is $3.93 and its 200 day moving average price is $5.14. Prime Medicine has a one year low of $3.28 and a one year high of $9.86.

Prime Medicine (NYSE:PRME) last released its quarterly 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). Sell-side analysts forecast that Prime Medicine will post -1.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently modified their holdings of PRME. ORG Partners LLC acquired a new stake in Prime Medicine during the second quarter valued at $29,000. National Bank of Canada FI acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at about $34,000. Nisa Investment Advisors LLC grew its stake in shares of 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 buying an additional 7,702 shares in the last quarter. ProShare Advisors LLC grew its stake 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 buying an additional 2,520 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Prime Medicine in the second quarter worth approximately $97,000. 70.37% of the stock is currently owned by hedge funds and other 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.