Prime Medicine (NYSE:PRME) Given “Buy” Rating at Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of Prime Medicine (NYSE:PRME) in a research report report published on Monday,Benzinga reports. Chardan Capital currently has a $15.00 price objective on the stock.

Several other brokerages have also issued reports on PRME. Wedbush reaffirmed an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Friday. StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday, November 13th. JMP Securities began coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price objective on the stock. Finally, Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $13.13.

Prime Medicine Stock Down 11.5 %

Shares of Prime Medicine stock opened at $2.23 on Monday. The stock has a market capitalization of $292.49 million, a P/E ratio of -1.09 and a beta of 1.86. The company has a 50-day simple moving average of $2.84 and a 200 day simple moving average of $3.40. Prime Medicine has a 12-month low of $2.22 and a 12-month high of $8.91.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chelsea Counsel Co. increased its position in Prime Medicine by 137.4% during the 4th quarter. Chelsea Counsel Co. now owns 186,780 shares of the company’s stock valued at $545,000 after purchasing an additional 108,090 shares during the period. Westwood Holdings Group Inc. increased its position in Prime Medicine by 96.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock valued at $2,579,000 after purchasing an additional 433,653 shares during the period. Sherbrooke Park Advisers LLC acquired a new stake in Prime Medicine during the 4th quarter valued at approximately $60,000. Point72 Asset Management L.P. acquired a new stake in Prime Medicine during the 4th quarter valued at approximately $200,000. Finally, ProShare Advisors LLC increased its position in Prime Medicine by 24.6% during the 4th quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock valued at $65,000 after purchasing an additional 4,375 shares during the period. Institutional investors and hedge funds 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.