Prime Medicine (NYSE:PRME) Now Covered by Analysts at Chardan Capital

Chardan Capital assumed coverage on shares of Prime Medicine (NYSE:PRME) in a research report released on Monday, Marketbeat Ratings reports. The firm issued a buy rating and a $17.00 target price on the stock.

Several other analysts have also recently commented on PRME. TD Cowen began coverage on Prime Medicine in a research report on Monday, April 8th. They issued a buy rating on the stock. Stifel Nicolaus downgraded shares of Prime Medicine from a buy rating to a hold rating and reduced their price objective for the stock from $18.00 to $9.00 in a report on Tuesday, January 16th. Wedbush started coverage on shares of Prime Medicine in a research report on Tuesday, April 2nd. They issued an outperform rating and a $12.00 target price for the company. Finally, Guggenheim dropped their price target on shares of Prime Medicine from $24.00 to $20.00 and set a buy rating on the stock in a research report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $16.89.

Prime Medicine Stock Performance

Shares of PRME opened at $4.78 on Monday. The firm has a fifty day moving average of $7.10 and a 200-day moving average of $7.40. The company has a market cap of $573.31 million, a price-to-earnings ratio of -2.20 and a beta of 1.81. Prime Medicine has a 1 year low of $4.34 and a 1 year high of $17.20.

Prime Medicine (NYSE:PRME) last posted its earnings results on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Analysts predict that Prime Medicine will post -1.8 EPS for the current year.

Insider Buying and Selling at Prime Medicine

In other Prime Medicine news, Director Robert Nelsen acquired 3,200,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the purchase, the director now directly owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 24.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Prime Medicine

Several large investors have recently modified their holdings of PRME. Chelsea Counsel Co. raised its position in shares of Prime Medicine by 733.3% during the fourth quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after purchasing an additional 4,400 shares during the period. SG Americas Securities LLC acquired a new stake in Prime Medicine during the 4th quarter worth about $90,000. China Universal Asset Management Co. Ltd. purchased a new stake in Prime Medicine during the fourth quarter valued at about $100,000. Barclays PLC boosted its holdings in shares of Prime Medicine by 47.7% in the second quarter. Barclays PLC now owns 7,879 shares of the company’s stock worth $116,000 after buying an additional 2,543 shares during the period. Finally, Strs Ohio purchased a new position in shares of Prime Medicine in the fourth quarter worth approximately $151,000. 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.