Prime Medicine (NYSE:PRME) Given New $12.00 Price Target at Chardan Capital

Prime Medicine (NYSE:PRME) had its target price lowered by Chardan Capital from $16.00 to $12.00 in a research report sent to investors on Monday,Benzinga reports. Chardan Capital currently has a buy rating on the stock.

Several other analysts have also recently commented on the company. HC Wainwright restated a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research report on Wednesday, March 19th. Wedbush restated an “outperform” rating and set a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a research note on Tuesday, March 18th. Finally, StockNews.com raised shares of Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and an average price target of $12.60.

Prime Medicine Stock Performance

Shares of PRME opened at $1.34 on Monday. The firm has a fifty day moving average of $1.56 and a 200-day moving average of $2.50. The company has a market cap of $175.28 million, a price-to-earnings ratio of -0.65 and a beta of 1.90. Prime Medicine has a 1 year low of $1.12 and a 1 year high of $8.27.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter in the previous year, the business earned ($2.18) EPS. Analysts predict that Prime Medicine will post -1.68 EPS for the current year.

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. grew its holdings in Prime Medicine by 4.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company’s stock worth $8,245,000 after acquiring an additional 165,268 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Prime Medicine by 2.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company’s stock worth $4,628,000 after purchasing an additional 38,515 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Prime Medicine by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company’s stock worth $4,287,000 after purchasing an additional 107,627 shares during the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock worth $2,579,000 after purchasing an additional 433,653 shares in the last quarter. Finally, Greenwich Wealth Management LLC lifted its stake in Prime Medicine by 5.6% during the fourth quarter. Greenwich Wealth Management LLC now owns 774,001 shares of the company’s stock valued at $2,260,000 after purchasing an additional 41,000 shares during 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.