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

HC Wainwright restated their buy rating on shares of Prime Medicine (NYSE:PRME) in a research note published on Wednesday morning,Benzinga reports. The firm currently has a $10.00 target price on the stock. HC Wainwright also issued estimates for Prime Medicine’s Q4 2024 earnings at ($0.36) EPS, FY2024 earnings at ($1.69) EPS, Q1 2025 earnings at ($0.36) EPS, Q2 2025 earnings at ($0.37) EPS, Q3 2025 earnings at ($0.30) EPS, Q4 2025 earnings at ($0.31) EPS, FY2025 earnings at ($1.33) EPS, FY2026 earnings at ($1.39) EPS, FY2027 earnings at ($1.39) EPS and FY2028 earnings at ($1.16) EPS.

Several other brokerages also recently commented on PRME. StockNews.com raised Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $13.25.

Prime Medicine Price Performance

NYSE:PRME opened at $3.35 on Wednesday. Prime Medicine has a one year low of $3.28 and a one year high of $9.86. The company has a market cap of $438.73 million, a PE ratio of -1.63 and a beta of 2.09. The firm has a 50-day moving average of $3.88 and a 200-day moving average of $5.01.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC boosted its stake in Prime Medicine by 19.8% during the first quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock valued at $107,000 after buying an additional 2,520 shares during the period. Squarepoint Ops LLC boosted its position in shares of Prime Medicine by 6.5% during the 2nd quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock valued at $326,000 after acquiring an additional 3,895 shares during the last quarter. ORG Partners LLC purchased a new position in shares of Prime Medicine during the second quarter worth about $29,000. National Bank of Canada FI purchased a new position in shares of Prime Medicine during the second quarter worth about $34,000. Finally, Levin Capital Strategies L.P. increased its position in shares of Prime Medicine by 32.5% in the first quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock worth $186,000 after purchasing an additional 6,500 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other 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.