Chardan Capital Raises Prime Medicine (NYSE:PRME) Price Target to $16.00

Prime Medicine (NYSE:PRME) had its target price lifted by Chardan Capital from $15.00 to $16.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently issued reports on the company. Citizens Jmp upgraded Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. StockNews.com raised Prime Medicine to a “sell” rating in a report on Tuesday, February 11th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a research note on Wednesday. Guggenheim reiterated a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a research report on Tuesday, December 3rd. Finally, Wedbush restated an “outperform” rating and issued a $13.00 target price (up from $12.00) on shares of Prime Medicine in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.38.

Prime Medicine Trading Up 0.5 %

Shares of PRME stock opened at $2.01 on Thursday. The stock has a 50 day simple moving average of $2.58 and a 200-day simple moving average of $3.21. The company has a market cap of $263.63 million, a price-to-earnings ratio of -0.98 and a beta of 1.85. Prime Medicine has a 12-month low of $1.65 and a 12-month high of $8.27.

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

Institutional Trading of Prime Medicine

Several hedge funds have recently added to or reduced their stakes in PRME. ProShare Advisors LLC increased its stake 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 buying an additional 4,375 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Prime Medicine by 20.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock valued at $81,000 after acquiring an additional 4,725 shares in the last quarter. Levin Capital Strategies L.P. increased its stake 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 valued at $219,000 after acquiring an additional 5,000 shares during the period. PEAK6 Investments LLC raised its holdings in 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 stake in Prime Medicine in the fourth quarter worth approximately $33,000. 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.