Prime Medicine’s (PRME) Buy Rating Reiterated at HC Wainwright

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

A number of other analysts have also issued reports on the stock. Wedbush reissued an outperform rating and set a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. Jefferies Financial Group reaffirmed a buy rating and set a $15.00 price target (down previously from $23.00) on shares of Prime Medicine in a research note on Tuesday, May 7th. Citigroup raised Prime Medicine from a neutral rating to a buy rating and set a $10.00 price objective on the stock in a research note on Thursday, May 16th. StockNews.com raised Prime Medicine to a sell rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. dropped their price target on Prime Medicine from $16.00 to $15.00 and set an overweight rating on the stock in a research report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $15.09.

Prime Medicine Stock Down 1.7 %

Prime Medicine stock opened at $4.13 on Friday. Prime Medicine has a twelve month low of $3.99 and a twelve month high of $13.60. The company’s 50-day moving average price is $5.77 and its 200-day moving average price is $6.39. The company has a market cap of $495.13 million, a PE ratio of -1.90 and a beta of 2.21.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.06). As a group, sell-side analysts expect that Prime Medicine will post -1.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Large investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC lifted its holdings in Prime Medicine by 2.2% in the 2nd quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock valued at $31,492,000 after purchasing an additional 133,419 shares in the last quarter. Vanguard Group Inc. boosted its position in Prime Medicine by 43.1% during the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock worth $40,610,000 after acquiring an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Prime Medicine by 13.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after acquiring an additional 301,431 shares in the last quarter. Redmile Group LLC grew its stake in Prime Medicine by 56.6% during the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock valued at $14,520,000 after acquiring an additional 750,000 shares in the last quarter. Finally, Farallon Capital Management LLC acquired a new stake in Prime Medicine in the 1st quarter valued at about $5,250,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.