Chardan Capital Lowers Prime Medicine (NYSE:PRME) Price Target to $12.00

Prime Medicine (NYSE:PRME) had its target price lowered by Chardan Capital from $16.00 to $12.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Other research analysts have also recently issued reports about the company. StockNews.com raised Prime Medicine to a “sell” rating in a research report on Tuesday, February 11th. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday, March 19th. Finally, Wedbush reissued an “outperform” rating and set a $13.00 price objective (up from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $12.60.

Prime Medicine Price Performance

NYSE:PRME traded down $0.31 during mid-day trading on Monday, reaching $1.29. The stock had a trading volume of 8,310,469 shares, compared to its average volume of 1,276,122. Prime Medicine has a fifty-two week low of $1.12 and a fifty-two week high of $8.27. The business’s 50 day moving average is $1.57 and its 200 day moving average is $2.52. The stock has a market cap of $168.71 million, a P/E ratio of -0.63 and a beta of 1.90.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same period last year, the business posted ($2.18) EPS. Equities analysts expect that Prime Medicine will post -1.68 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Several large investors have recently made changes to their positions in PRME. Westwood Holdings Group Inc. raised its stake in Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock valued at $2,579,000 after acquiring an additional 433,653 shares during the period. Walleye Capital LLC raised its stake in Prime Medicine by 272.5% in the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock valued at $1,179,000 after acquiring an additional 295,365 shares during the period. AQR Capital Management LLC raised its stake in Prime Medicine by 1,419.4% in the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock valued at $485,000 after acquiring an additional 227,749 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in Prime Medicine by 4.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock valued at $11,616,000 after acquiring an additional 170,541 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Prime Medicine in the fourth quarter worth $423,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.