Chardan Capital Reiterates Buy Rating for Prime Medicine (NASDAQ:PRME)

Prime Medicine (NASDAQ:PRME)‘s stock had its “buy” rating reiterated by investment analysts at Chardan Capital in a note issued to investors on Friday, Benzinga reports. They currently have a $7.00 target price on the stock. Chardan Capital’s price target points to a potential upside of 134.51% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a report on Monday, June 22nd. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a report on Friday. Wall Street Zen upgraded shares of Prime Medicine from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. BMO Capital Markets assumed coverage on shares of Prime Medicine in a report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Stock Down 2.8%

NASDAQ PRME traded down $0.09 on Friday, hitting $2.99. The stock had a trading volume of 2,051,060 shares, compared to its average volume of 2,910,580. Prime Medicine has a one year low of $2.67 and a one year high of $6.94. The stock has a market cap of $541.42 million, a price-to-earnings ratio of -2.82 and a beta of 2.34. The company’s 50-day moving average is $3.25 and its two-hundred day moving average is $3.37.

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

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System boosted its position in shares of Prime Medicine by 15.5% during the 2nd quarter. Arizona State Retirement System now owns 28,646 shares of the company’s stock valued at $106,000 after acquiring an additional 3,855 shares in the last quarter. Syon Capital LLC acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at about $41,000. Concurrent Investment Advisors LLC boosted its position in shares of Prime Medicine by 77.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock valued at $486,000 after acquiring an additional 57,545 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at about $1,123,000. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Prime Medicine during the 2nd quarter valued at about $37,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.