Prime Medicine's (PRME) "Buy" Rating Reaffirmed at Chardan Capital

Chardan Capital restated their buy rating on shares of Prime Medicine (NYSE:PRME - Free Report) in a research report report published on Monday,Benzinga reports. The brokerage currently has a $15.00 price objective on the stock.

Several other research analysts have also recently issued reports on the stock. JMP Securities began coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They issued an "outperform" rating and a $10.00 target price on the stock. StockNews.com upgraded shares of Prime Medicine to a "sell" rating in a research report on Tuesday, February 11th. Guggenheim reissued a "buy" rating and issued a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. Wedbush reaffirmed an "outperform" rating and set a $12.00 price target on shares of Prime Medicine in a research report on Friday, February 28th. Finally, Citizens Jmp upgraded Prime Medicine to a "strong-buy" rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $13.13.

Remove Ads

Prime Medicine Stock Performance

PRME traded down $0.01 during midday trading on Monday, hitting $2.30. The stock had a trading volume of 1,225,802 shares, compared to its average volume of 1,003,933. Prime Medicine has a 1 year low of $2.12 and a 1 year high of $8.58. The business has a fifty day moving average of $2.82 and a 200 day moving average of $3.38. The company has a market cap of $301.67 million, a P/E ratio of -1.12 and a beta of 1.86.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. increased its position in shares of Prime Medicine by 4.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company's stock worth $11,616,000 after acquiring an additional 170,541 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Prime Medicine by 2.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company's stock worth $4,628,000 after purchasing an additional 38,515 shares in the last quarter. Geode Capital Management LLC increased its holdings in Prime Medicine by 7.9% during the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock worth $4,287,000 after purchasing an additional 107,627 shares during the period. State Street Corp increased its holdings in Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company's stock worth $4,439,000 after purchasing an additional 43,086 shares during the period. Finally, Vestal Point Capital LP raised its position in 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 purchasing an additional 620,000 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.