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

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

Other research analysts have also issued research reports about the stock. Wedbush reaffirmed an outperform rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. Citigroup raised shares of Prime Medicine from a neutral rating to a buy rating and set a $10.00 target price for the company in a report on Thursday, May 16th. StockNews.com raised Prime Medicine to a sell rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price objective on Prime Medicine from $16.00 to $15.00 and set an overweight rating for the company in a research note on Monday, May 13th. Finally, Chardan Capital initiated coverage on Prime Medicine in a research note on Monday, April 22nd. They issued a buy rating and a $17.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $15.09.

Prime Medicine Price Performance

PRME opened at $4.13 on Friday. The stock has a market capitalization of $495.13 million, a P/E ratio of -1.90 and a beta of 2.21. The company’s 50 day simple moving average is $5.77 and its 200-day simple moving average is $6.39. Prime Medicine has a one year low of $3.99 and a one year high of $13.60.

Prime Medicine (NYSE:PRME) last released its 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, analysts anticipate that Prime Medicine will post -1.64 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in PRME. Chelsea Counsel Co. grew its stake 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. ORG Partners LLC bought a new position in Prime Medicine in the second quarter valued at approximately $29,000. National Bank of Canada FI acquired a new position in shares of Prime Medicine during the 2nd quarter worth approximately $34,000. Nisa Investment Advisors LLC raised its stake in shares of Prime Medicine by 22,652.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock worth $40,000 after purchasing an additional 7,702 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Prime Medicine in the 4th quarter valued at approximately $90,000. 70.37% of the stock is owned by 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.