Prime Medicine (NYSE:PRME) Research Coverage Started at Chardan Capital

Investment analysts at Chardan Capital began coverage on shares of Prime Medicine (NYSE:PRMEGet Free Report) in a research report issued on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $17.00 price target on the stock. Chardan Capital’s target price suggests a potential upside of 276.94% from the company’s previous close.

PRME has been the subject of several other research reports. Guggenheim decreased their price objective on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Stifel Nicolaus lowered Prime Medicine from a “buy” rating to a “hold” rating and decreased their price objective for the company from $18.00 to $9.00 in a report on Tuesday, January 16th. Wedbush initiated coverage on Prime Medicine in a report on Tuesday, April 2nd. They set an “outperform” rating and a $12.00 price objective for the company. Finally, TD Cowen initiated coverage on Prime Medicine in a research note on Monday, April 8th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $16.89.

View Our Latest Research Report on Prime Medicine

Prime Medicine Trading Down 1.7 %

Shares of PRME opened at $4.51 on Monday. Prime Medicine has a 12 month low of $4.34 and a 12 month high of $17.20. The stock has a fifty day moving average price of $7.15 and a 200-day moving average price of $7.43. The firm has a market cap of $540.93 million, a PE ratio of -2.08 and a beta of 1.81.

Prime Medicine (NYSE:PRMEGet Free Report) last issued its quarterly earnings data on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, research analysts forecast that Prime Medicine will post -1.8 EPS for the current year.

Insiders Place Their Bets

In related news, Director Robert Nelsen purchased 3,200,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were bought at an average cost of $6.25 per share, with a total value of $20,000,000.00. Following the transaction, the director now owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 24.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Prime Medicine

Institutional investors have recently modified their holdings of the business. Chelsea Counsel Co. grew its position in shares of Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after acquiring an additional 4,400 shares during the period. Ameritas Investment Partners Inc. grew its position in shares of Prime Medicine by 293.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,267 shares of the company’s stock valued at $48,000 after acquiring an additional 2,436 shares during the period. Royal Bank of Canada grew its position in shares of Prime Medicine by 506.6% during the 2nd quarter. Royal Bank of Canada now owns 3,579 shares of the company’s stock valued at $53,000 after acquiring an additional 2,989 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Prime Medicine during the 4th quarter valued at about $90,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of Prime Medicine during the 4th quarter valued at about $100,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Prime Medicine (NYSE:PRME)

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