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

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They presently have a $10.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 131.48% from the company’s previous close.

Several other analysts have also recently weighed in on the company. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th. StockNews.com upgraded Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. One research 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’s stock. According to MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and an average price target of $13.50.

Prime Medicine Price Performance

Shares of NYSE:PRME opened at $4.32 on Wednesday. The company has a market capitalization of $518.53 million, a PE ratio of -2.00 and a beta of 2.09. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86. The business has a fifty day moving average price of $3.87 and a two-hundred day moving average price of $5.04.

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC purchased a new stake in Prime Medicine during the third quarter valued at approximately $55,000. GSA Capital Partners LLP purchased a new stake in Prime Medicine during the third quarter valued at approximately $383,000. Greenwich Wealth Management LLC raised its position in Prime Medicine by 12.3% during the third quarter. Greenwich Wealth Management LLC now owns 733,001 shares of the company’s stock valued at $2,837,000 after purchasing an additional 80,000 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Prime Medicine by 63.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock valued at $89,000 after purchasing an additional 8,985 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in shares of Prime Medicine by 48.6% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 28,113 shares of the company’s stock valued at $109,000 after buying an additional 9,199 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.