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

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $10.00 price target on the stock. HC Wainwright’s target price would suggest a potential upside of 468.18% from the company’s current price.

PRME has been the subject of several other reports. Guggenheim reiterated a “buy” rating and issued a $18.00 price target on shares of Prime Medicine in a research report on Tuesday, December 3rd. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Chardan Capital reiterated a “buy” rating and issued a $15.00 price target on shares of Prime Medicine in a research report on Monday, March 3rd. Wedbush restated an “outperform” rating and set a $13.00 target price (up from $12.00) on shares of Prime Medicine in a research report on Tuesday. Finally, StockNews.com upgraded Prime Medicine to a “sell” rating in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.25.

Prime Medicine Stock Performance

Shares of NYSE PRME opened at $1.76 on Wednesday. The stock has a market cap of $230.84 million, a PE ratio of -0.86 and a beta of 1.85. Prime Medicine has a fifty-two week low of $1.65 and a fifty-two week high of $8.27. The stock has a fifty day moving average of $2.62 and a 200-day moving average of $3.22.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, March 7th. The company reported ($1.65) earnings per share for the quarter. During the same quarter in the prior year, the firm posted ($2.18) earnings per share. On average, sell-side analysts predict that Prime Medicine will post -1.68 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of PRME. Vestal Point Capital LP boosted its holdings in shares of Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after purchasing an additional 620,000 shares in the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock worth $2,579,000 after purchasing an additional 433,653 shares in the last quarter. Walleye Capital LLC boosted its holdings in shares of Prime Medicine by 272.5% in the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock worth $1,179,000 after purchasing an additional 295,365 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of Prime Medicine by 4.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock valued at $11,616,000 after acquiring an additional 170,541 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Prime Medicine in the 4th quarter valued at about $423,000. 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.