Prime Medicine (NYSE:PRME) Stock Price Expected to Rise, Chardan Capital Analyst Says

Prime Medicine (NYSE:PRME) had its target price upped by Chardan Capital from $15.00 to $16.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock.

PRME has been the subject of a number of other reports. Guggenheim restated a “buy” rating and issued a $18.00 price objective on shares of Prime Medicine in a report on Tuesday, December 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research report on Wednesday. Citizens Jmp raised shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. JMP Securities initiated coverage on shares of Prime Medicine in a research report on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 target price for the company. Finally, StockNews.com raised shares of Prime Medicine to a “sell” rating in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $13.38.

Prime Medicine Stock Up 13.6 %

Shares of NYSE PRME opened at $2.00 on Thursday. Prime Medicine has a twelve month low of $1.65 and a twelve month high of $8.27. The firm has a market cap of $262.32 million, a P/E ratio of -0.98 and a beta of 1.85. The company has a 50 day moving average of $2.60 and a 200 day moving average of $3.22.

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

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds have recently modified their holdings of PRME. Vestal Point Capital LP grew its position in shares of Prime Medicine by 137.8% during the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock valued at $4,141,000 after acquiring an additional 620,000 shares during the period. Westwood Holdings Group Inc. boosted its holdings in Prime Medicine by 96.5% in the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company’s stock worth $2,579,000 after buying an additional 433,653 shares during the period. Walleye Capital LLC boosted its holdings in Prime Medicine by 272.5% in the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock worth $1,179,000 after buying an additional 295,365 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings 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 worth $11,616,000 after buying an additional 170,541 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in Prime Medicine in the 4th quarter worth $423,000. Institutional investors 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.