HC Wainwright Reaffirms “Buy” Rating for Prime Medicine (NASDAQ:PRME)

Prime Medicine (NASDAQ:PRME)‘s stock had its “buy” rating restated by HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $8.00 target price on the stock. HC Wainwright’s price target suggests a potential upside of 159.74% from the company’s current price.

PRME has been the subject of several other research reports. Wall Street Zen raised Prime Medicine from a “strong sell” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research report on Monday, June 22nd. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Finally, Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Prime Medicine currently has an average rating of “Moderate Buy” and a consensus target price of $7.53.

Prime Medicine Price Performance

Shares of PRME stock opened at $3.08 on Monday. The firm has a market capitalization of $556.30 million, a P/E ratio of -2.91 and a beta of 2.31. Prime Medicine has a twelve month low of $2.67 and a twelve month high of $6.94. The stock’s fifty day simple moving average is $3.28 and its 200 day simple moving average is $3.48.

Prime Medicine (NASDAQ:PRME) last issued its earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.24). The business had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative return on equity of 156.84% and a negative net margin of 4,613.11%. As a group, equities research analysts expect that Prime Medicine will post -0.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. increased its position in shares of Prime Medicine by 1,316.4% during the third quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after buying an additional 6,345 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Prime Medicine during the 4th quarter worth about $31,000. Royal Bank of Canada raised its position in shares of Prime Medicine by 89.3% in the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after acquiring an additional 4,365 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Prime Medicine in the 4th quarter valued at about $33,000. Finally, Glen Eagle Advisors LLC bought a new stake in shares of Prime Medicine during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.