Chardan Capital Issues Pessimistic Forecast for Prime Medicine (NYSE:PRME) Stock Price

Prime Medicine (NYSE:PRME) had its price objective cut by Chardan Capital from $17.00 to $15.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. Wedbush reiterated an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research note on Thursday, August 8th. StockNews.com upgraded Prime Medicine to a “sell” rating in a research note on Wednesday, August 7th. Finally, HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.25.

Prime Medicine Price Performance

PRME opened at $3.96 on Wednesday. The firm has a market cap of $475.32 million, a PE ratio of -1.93 and a beta of 2.09. The stock has a 50-day moving average price of $3.88 and a 200-day moving average price of $5.04. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PRME. ProShare Advisors LLC lifted its stake in shares of Prime Medicine by 19.8% in the 1st quarter. ProShare Advisors LLC now owns 15,276 shares of the company’s stock worth $107,000 after purchasing an additional 2,520 shares during the period. Squarepoint Ops LLC raised its position in Prime Medicine by 6.5% in the second quarter. Squarepoint Ops LLC now owns 63,461 shares of the company’s stock worth $326,000 after acquiring an additional 3,895 shares during the period. ORG Partners LLC purchased a new position in shares of Prime Medicine during the 2nd quarter worth $29,000. National Bank of Canada FI bought a new stake in shares of Prime Medicine during the 2nd quarter valued at $34,000. Finally, Levin Capital Strategies L.P. increased its stake in shares of Prime Medicine by 32.5% in the 1st quarter. Levin Capital Strategies L.P. now owns 26,500 shares of the company’s stock worth $186,000 after purchasing an additional 6,500 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.