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 Wednesday morning,Benzinga reports. They currently have a $10.00 price target on the stock.

Other research analysts have also recently issued reports about the stock. Guggenheim reaffirmed a “buy” rating and set a $18.00 price target on shares of Prime Medicine in a research report on Tuesday, December 3rd. Wedbush restated an “outperform” rating and set a $13.00 target price (up previously from $12.00) on shares of Prime Medicine in a report on Tuesday. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. Chardan Capital reissued a “buy” rating and issued a $15.00 price objective on shares of Prime Medicine in a research report on Monday, March 3rd. Finally, JMP Securities assumed coverage on Prime Medicine in a research report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price for the company. One investment 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 company. According to MarketBeat, Prime Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $13.38.

Prime Medicine Trading Down 3.0 %

Shares of PRME opened at $1.95 on Wednesday. Prime Medicine has a twelve month low of $1.65 and a twelve month high of $8.27. The firm has a market capitalization of $255.76 million, a P/E ratio of -0.95 and a beta of 1.85. The stock’s fifty day simple moving average is $2.56 and its 200 day simple moving average is $3.19.

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

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of PRME. Vestal Point Capital LP increased its stake in shares of Prime Medicine by 137.8% in the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after buying an additional 620,000 shares during the last quarter. Barclays PLC grew its holdings in Prime Medicine by 343.3% during the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock worth $328,000 after acquiring an additional 65,593 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Prime Medicine by 4.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock worth $5,264,000 after purchasing an additional 63,456 shares during the last quarter. State Street Corp raised its stake in shares of Prime Medicine by 3.9% in the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock valued at $4,439,000 after purchasing an additional 43,086 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Prime Medicine during the third quarter worth about $55,000. 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.