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

HC Wainwright restated their buy rating on shares of Prime Medicine (NYSE:PRME - Free Report) in a research report report published on Wednesday,Benzinga reports. HC Wainwright currently has a $10.00 price objective on the stock.

Several other equities analysts have also issued reports on the company. StockNews.com upgraded Prime Medicine to a "sell" rating in a research report on Wednesday, August 7th. Wedbush restated an "outperform" rating and set a $12.00 price objective on shares of Prime Medicine in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $13.50.

Prime Medicine Stock Performance

PRME traded down $0.36 during midday trading on Wednesday, reaching $3.96. 1,427,928 shares of the company were exchanged, compared to its average volume of 978,819. Prime Medicine has a one year low of $3.28 and a one year high of $9.86. The stock has a market capitalization of $475.32 million, a P/E ratio of -2.16 and a beta of 2.09. The stock's 50-day simple moving average is $3.88 and its 200 day simple moving average is $5.04.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC lifted its holdings in Prime Medicine by 2.2% during the 2nd quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company's stock worth $31,492,000 after purchasing an additional 133,419 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Prime Medicine by 43.1% in the 1st quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company's stock valued at $40,610,000 after purchasing an additional 1,746,534 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of 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 worth $17,660,000 after purchasing an additional 301,431 shares in the last quarter. Redmile Group LLC increased its holdings in shares of Prime Medicine by 56.6% during the first quarter. Redmile Group LLC now owns 2,074,350 shares of the company's stock worth $14,520,000 after purchasing an additional 750,000 shares during the period. Finally, Millennium Management LLC raised its position in shares of Prime Medicine by 205.7% in the second quarter. Millennium Management LLC now owns 1,330,927 shares of the company's stock valued at $6,841,000 after buying an additional 895,610 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

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.