Prime Medicine (NASDAQ:PRME) Given Buy Rating at Chardan Capital

Prime Medicine (NASDAQ:PRME)‘s stock had its “buy” rating reissued by research analysts at Chardan Capital in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $7.00 price target on the stock. Chardan Capital’s price objective indicates a potential upside of 134.11% from the stock’s previous close.

PRME has been the subject of several other research reports. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. New Street Research set a $8.00 price target on shares of Prime Medicine in a research note on Monday, June 29th. Wall Street Zen raised shares of Prime Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. Finally, BMO Capital Markets assumed coverage on shares of Prime Medicine in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Stock Down 2.3%

Shares of Prime Medicine stock traded down $0.07 during mid-day trading on Friday, hitting $2.99. The stock had a trading volume of 2,825,829 shares, compared to its average volume of 2,948,349. The firm has a 50-day moving average of $3.24 and a two-hundred day moving average of $3.34. Prime Medicine has a 12-month low of $2.67 and a 12-month high of $6.94. The firm has a market cap of $542.33 million, a P/E ratio of -2.82 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting the consensus estimate of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The business had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. Sell-side analysts expect that Prime Medicine will post -0.96 earnings per share for the current year.

Institutional Trading of Prime Medicine

Several institutional investors have recently added to or reduced their stakes in PRME. Alphabet Inc. acquired a new stake in Prime Medicine in the 2nd quarter valued at approximately $61,116,000. BlackRock Inc. acquired a new stake in Prime Medicine in the 2nd quarter valued at approximately $35,432,000. ADAR1 Capital Management LLC acquired a new stake in Prime Medicine in the 2nd quarter valued at approximately $7,371,000. MWG Caph Ltd acquired a new stake in Prime Medicine in the 4th quarter valued at approximately $6,219,000. Finally, Redmile Group LLC acquired a new stake in Prime Medicine in the 1st quarter valued at approximately $5,536,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.