Chardan Capital Forecasts Strong Price Appreciation for Prime Medicine (NYSE:PRME) Stock

Prime Medicine (NYSE:PRME) had its price objective raised by analysts at Chardan Capital from $15.00 to $16.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

A number of other analysts also recently commented on PRME. Guggenheim restated a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. JMP Securities started coverage on Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price on the stock. StockNews.com upgraded Prime Medicine to a “sell” rating in a research report on Tuesday, February 11th. Wedbush reiterated an “outperform” rating and set a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a research report on Tuesday. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.38.

Prime Medicine Stock Performance

Shares of PRME stock opened at $1.95 on Thursday. Prime Medicine has a fifty-two week low of $1.65 and a fifty-two week high of $8.27. The firm has a market capitalization of $255.76 million, a PE ratio of -0.95 and a beta of 1.85. The stock’s 50-day simple moving average is $2.56 and its 200-day simple moving average is $3.19.

Prime Medicine (NYSE:PRME) last issued its earnings results on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same period in the previous year, the firm posted ($2.18) earnings per share. Sell-side analysts forecast that Prime Medicine will post -1.68 earnings per share for the current year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC boosted its position in shares of Prime Medicine by 24.6% during the fourth quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock worth $65,000 after buying an additional 4,375 shares during the period. China Universal Asset Management Co. Ltd. increased its position in shares of Prime Medicine by 20.5% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock worth $81,000 after purchasing an additional 4,725 shares in the last quarter. Levin Capital Strategies L.P. increased its position in shares of Prime Medicine by 7.1% during the fourth quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company’s stock worth $219,000 after purchasing an additional 5,000 shares in the last quarter. PEAK6 Investments LLC increased its position in shares of Prime Medicine by 32.4% during the third quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock worth $174,000 after purchasing an additional 11,013 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in Prime Medicine in the 4th quarter valued at about $33,000. 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.