Prime Medicine (NYSE:PRME) Rating Reiterated by HC Wainwright

Prime Medicine (NYSE:PRME)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued on Wednesday, Benzinga reports. They currently have a $10.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 193.26% from the stock’s previous close.

Several other brokerages have also commented on PRME. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $12.00 target price on shares of Prime Medicine in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and an average target price of $14.11.

Prime Medicine Price Performance

Shares of PRME stock opened at $3.41 on Wednesday. The firm’s 50-day simple moving average is $4.19 and its 200-day simple moving average is $5.43. Prime Medicine has a 1-year low of $3.28 and a 1-year high of $9.86. The firm has a market cap of $409.30 million, a P/E ratio of -1.57 and a beta of 2.18.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.06). Analysts expect that Prime Medicine will post -1.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. ProShare Advisors LLC increased its position in shares of 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 acquiring an additional 2,520 shares during the last quarter. Squarepoint Ops LLC increased its holdings in Prime Medicine by 6.5% during the 2nd quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock worth $326,000 after purchasing an additional 3,895 shares during the last quarter. Green Alpha Advisors LLC raised its position in shares of Prime Medicine by 14.2% in the 1st 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. Chelsea Counsel Co. raised its position in shares of Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after purchasing an additional 4,400 shares in the last quarter. Finally, ORG Partners LLC purchased a new position in shares of Prime Medicine during the 2nd quarter valued at approximately $29,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.