Prime Medicine’s (PRME) “Buy” Rating Reaffirmed at HC Wainwright

Prime Medicine (NASDAQ:PRME)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They presently have a $8.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 159.74% from the stock’s previous close.

PRME has been the subject of a number of other reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. Wall Street Zen upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a research note on Saturday. The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research report on Monday, June 22nd. TD Cowen restated a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. Finally, New Street Research set a $8.00 target price on Prime Medicine in a research report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.53.

Prime Medicine Price Performance

PRME opened at $3.08 on Monday. The stock’s 50 day moving average price is $3.28 and its two-hundred day moving average price is $3.48. 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 12-month low of $2.67 and a 12-month high of $6.94.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting the consensus estimate of ($0.24). The company 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, analysts anticipate that Prime Medicine will post -0.99 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Institutional investors have recently bought and sold shares of the company. Shelton Wealth Management LLC increased its stake in shares of Prime Medicine by 15.8% during the 4th quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock worth $70,000 after purchasing an additional 2,734 shares during the last quarter. Sterling Investment Advisors Ltd. increased its stake in Prime Medicine by 34.0% during the 4th quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock worth $46,000 after acquiring an additional 3,400 shares during the period. Squarepoint Ops LLC grew its stake in Prime Medicine by 10.5% during the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock worth $219,000 after buying an additional 3,775 shares in the last quarter. Royal Bank of Canada raised its position in Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after purchasing an additional 4,365 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Prime Medicine by 16.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 31,602 shares of the company’s stock valued at $110,000 after buying an additional 4,470 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

About Prime Medicine

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.