Prime Medicine (NYSE:PRME) Given Buy Rating at HC Wainwright

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

A number of other analysts have also commented on PRME. StockNews.com raised Prime Medicine to a sell rating in a research note on Wednesday. JPMorgan Chase & Co. cut their price target on Prime Medicine from $16.00 to $15.00 and set an overweight rating on the stock in a research note on Monday, May 13th. Jefferies Financial Group restated a buy rating and set a $15.00 price objective (down from $23.00) on shares of Prime Medicine in a research report on Tuesday, May 7th. Chardan Capital began coverage on Prime Medicine in a research report on Monday, April 22nd. They set a buy rating and a $17.00 price objective for the company. Finally, Wedbush restated an outperform rating and set a $12.00 price objective on shares of Prime Medicine in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $15.09.

Prime Medicine Stock Down 4.4 %

Shares of PRME stock traded down $0.19 during mid-day trading on Friday, reaching $4.20. 700,383 shares of the stock traded hands, compared to its average volume of 718,331. The stock’s fifty day simple moving average is $5.82 and its two-hundred day simple moving average is $6.41. Prime Medicine has a 1-year low of $4.11 and a 1-year high of $13.60. The company has a market cap of $503.53 million, a price-to-earnings ratio of -1.93 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, May 10th. The company reported ($0.44) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.01. The firm had revenue of $0.59 million for the quarter. On average, equities research analysts anticipate that Prime Medicine will post -1.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the business. ORG Partners LLC bought a new stake in Prime Medicine in the second quarter worth approximately $29,000. National Bank of Canada FI bought a new stake in Prime Medicine in the second quarter worth approximately $34,000. Nisa Investment Advisors LLC increased its holdings in shares of Prime Medicine by 22,652.9% during the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after acquiring an additional 7,702 shares in the last quarter. Chelsea Counsel Co. increased its holdings in shares of Prime Medicine by 733.3% during the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after acquiring an additional 4,400 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Prime Medicine during the fourth quarter valued at approximately $90,000. 70.37% of the stock is currently owned by institutional investors.

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.