Chardan Capital Issues Pessimistic Forecast for Prime Medicine (NYSE:PRME) Stock Price

Prime Medicine (NYSE:PRME) had its price objective reduced by equities research analysts at Chardan Capital from $17.00 to $15.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Chardan Capital’s target price would indicate a potential upside of 317.25% from the company’s previous close.

A number of other research firms have also recently issued reports on PRME. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a research note on Wednesday. Wedbush reiterated an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a research note on Thursday, August 8th. Finally, StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.25.

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $3.60 on Wednesday. The business has a fifty day simple moving average of $3.88 and a two-hundred day simple moving average of $5.03. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86. The company has a market capitalization of $431.51 million, a price-to-earnings ratio of -1.75 and a beta of 2.09.

Institutional Trading of Prime Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of 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. Millennium Management LLC lifted its position in shares of Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after purchasing an additional 895,610 shares during the period. Farallon Capital Management LLC bought a new stake in shares of Prime Medicine in the 1st quarter valued at $5,250,000. Redmile Group LLC increased its position 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 buying an additional 750,000 shares during the period. Finally, Vestal Point Capital LP raised its stake in Prime Medicine by 137.8% during the third quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after buying an additional 620,000 shares during the last quarter. 70.37% of the stock is currently owned by 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.