Prime Medicine (NYSE:PRME) Price Target Lowered to $12.00 at Chardan Capital

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

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

Prime Medicine Stock Performance

Shares of NYSE:PRME opened at $1.34 on Monday. The business’s 50-day simple moving average is $1.56 and its 200 day simple moving average is $2.50. The company has a market cap of $175.28 million, a P/E ratio of -0.65 and a beta of 1.90. Prime Medicine has a one year low of $1.12 and a one year high of $8.27.

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

Institutional Trading of Prime Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of PRME. Westwood Holdings Group Inc. raised its holdings in shares of Prime Medicine by 96.5% during the fourth 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 during the period. Walleye Capital LLC grew its position in shares of Prime Medicine by 272.5% during the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock valued at $1,179,000 after buying an additional 295,365 shares during the last quarter. AQR Capital Management LLC raised its stake in Prime Medicine by 1,419.4% during the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after acquiring an additional 227,749 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Prime Medicine by 4.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock worth $11,616,000 after acquiring an additional 170,541 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Prime Medicine in the fourth quarter valued at approximately $423,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Company Profile

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.