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

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

A number of other analysts have also recently commented on PRME. Wedbush restated 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 raised 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 assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of Moderate Buy and an average price target of $14.11.

Prime Medicine Trading Up 2.9 %

Prime Medicine stock opened at $3.51 on Wednesday. The firm has a market capitalization of $421.31 million, a P/E ratio of -1.62 and a beta of 2.18. The business has a 50-day moving average of $4.14 and a 200-day moving average of $5.40. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data 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). Research analysts anticipate that Prime Medicine will post -1.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PRME. Trexquant Investment LP bought a new stake in Prime Medicine in the 4th quarter valued at approximately $239,000. Vestal Point Capital LP acquired a new position in Prime Medicine during the fourth quarter worth $180,000. Chelsea Counsel Co. boosted its holdings in 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 purchasing an additional 4,400 shares during the last quarter. Green Alpha Advisors LLC grew its position in Prime Medicine by 14.2% in the first quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock valued at $236,000 after purchasing an additional 4,200 shares in the last quarter. Finally, TrueMark Investments LLC increased its stake in Prime Medicine by 13.5% in the 1st quarter. TrueMark Investments LLC now owns 85,183 shares of the company’s stock valued at $596,000 after buying an additional 10,153 shares during the last quarter. 70.37% of the stock is currently owned by 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.