Prime Medicine (NASDAQ:PRME) Earns Buy Rating from Chardan Capital

Prime Medicine (NASDAQ:PRME)‘s stock had its “buy” rating reaffirmed by analysts at Chardan Capital in a research report issued on Friday, Benzinga reports. They currently have a $7.00 price target on the stock. Chardan Capital’s price objective suggests a potential upside of 141.38% from the stock’s current price.

PRME has been the topic of a number of other research reports. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research report on Friday. New Street Research set a $8.00 price objective on Prime Medicine in a research note on Monday, June 29th. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. BMO Capital Markets started coverage on Prime Medicine in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price objective on the stock. Finally, The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Price Performance

PRME stock traded down $0.17 during midday trading on Friday, reaching $2.90. 7,090,025 shares of the stock were exchanged, compared to its average volume of 2,940,304. The stock has a market capitalization of $526.00 million, a PE ratio of -2.74 and a beta of 2.34. Prime Medicine has a 52 week low of $2.67 and a 52 week high of $6.94. The company has a fifty day moving average price of $3.24 and a 200 day moving average price of $3.37.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.24). The business had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. As a group, analysts anticipate that Prime Medicine will post -0.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its stake in Prime Medicine by 89.3% during the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after buying an additional 4,365 shares during the period. Glen Eagle Advisors LLC acquired a new position in Prime Medicine during the 4th quarter worth approximately $35,000. Wealthfront Advisers LLC acquired a new position in Prime Medicine during the 1st quarter worth approximately $36,000. Kingsview Wealth Management LLC acquired a new position in Prime Medicine during the 2nd quarter worth approximately $37,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Prime Medicine during the 1st quarter worth approximately $41,000. 70.37% of the stock is owned by institutional investors and hedge funds.

About Prime Medicine

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.