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

HC Wainwright reaffirmed their buy rating on shares of Prime Medicine (NYSE:PRME) in a research note issued to investors on Friday, Benzinga reports. HC Wainwright currently has a $10.00 price target on the stock.

Other analysts also recently issued research reports about the stock. StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.50.

Prime Medicine Trading Down 4.0 %

NYSE PRME opened at $4.03 on Friday. The stock has a fifty day simple moving average of $3.93 and a 200-day simple moving average of $5.11. The stock has a market cap of $483.72 million, a PE ratio of -1.86 and a beta of 2.18. Prime Medicine has a twelve month low of $3.28 and a twelve month high of $9.86.

Prime Medicine (NYSE:PRME) last announced its earnings results 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 predict that Prime Medicine will post -1.75 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. ORG Partners LLC purchased a new stake in shares of Prime Medicine in the second quarter valued at about $29,000. National Bank of Canada FI purchased a new position in Prime Medicine in the second quarter worth $34,000. Nisa Investment Advisors LLC raised its holdings in Prime Medicine by 22,652.9% during the second 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 during the last quarter. ProShare Advisors LLC boosted its position in Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after purchasing an additional 2,520 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in Prime Medicine during the second quarter worth $97,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.