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

HC Wainwright reiterated their buy rating on shares of Prime Medicine (NYSE:PRME) in a research note released on Wednesday morning, Benzinga reports. HC Wainwright currently has a $10.00 price objective on the stock.

Several other brokerages have also recently issued reports on PRME. Wedbush reissued an outperform rating and set a $12.00 price target on shares of Prime Medicine in a research report on Thursday, August 8th. StockNews.com raised shares of Prime Medicine to a sell rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $14.11.

Prime Medicine Stock Performance

Shares of PRME stock opened at $3.51 on Wednesday. Prime Medicine has a one year low of $3.28 and a one year high of $9.86. The firm’s 50 day moving average price is $4.14 and its 200-day moving average price is $5.39. The firm has a market cap of $421.31 million, a P/E ratio of -1.62 and a beta of 2.18.

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). As a group, research analysts predict that Prime Medicine will post -1.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of PRME. Westwood Holdings Group Inc. purchased a new position in Prime Medicine in the first quarter valued at $1,115,000. Vanguard Group Inc. increased its holdings in shares of Prime Medicine by 43.1% in the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after acquiring an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Prime Medicine by 13.6% in the 1st 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. Chelsea Counsel Co. raised its position in shares of Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after acquiring an additional 4,400 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Prime Medicine during the first quarter worth approximately $148,000. 70.37% of the stock is 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.