Prime Medicine (NYSE:PRME) Price Target Raised to $16.00 at Chardan Capital

Prime Medicine (NYSE:PRME - Free Report) had its price objective raised by Chardan Capital from $15.00 to $16.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages also recently commented on PRME. StockNews.com upgraded Prime Medicine to a "sell" rating in a research report on Tuesday, February 11th. HC Wainwright reaffirmed a "buy" rating and set a $10.00 target price on shares of Prime Medicine in a report on Wednesday, March 19th. Citizens Jmp raised Prime Medicine to a "strong-buy" rating in a research note on Tuesday, December 10th. JMP Securities initiated coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They set an "outperform" rating and a $10.00 price objective for the company. Finally, Guggenheim reiterated a "buy" rating and issued a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Prime Medicine has a consensus rating of "Moderate Buy" and an average target price of $13.38.

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Prime Medicine Stock Up 4.1 %

Prime Medicine stock traded up $0.08 during midday trading on Thursday, hitting $2.03. The company's stock had a trading volume of 880,182 shares, compared to its average volume of 1,115,525. Prime Medicine has a 12 month low of $1.65 and a 12 month high of $8.27. The company has a market capitalization of $266.26 million, a PE ratio of -0.99 and a beta of 1.85. The stock's 50-day moving average price is $2.54 and its 200-day moving average price is $3.17.

Prime Medicine (NYSE:PRME - Get Free Report) last released its earnings results on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same period last year, the company posted ($2.18) EPS. As a group, equities analysts anticipate that Prime Medicine will post -1.68 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of large investors have recently made changes to their positions in the business. Vestal Point Capital LP grew its position in Prime Medicine by 137.8% during the third 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. Westwood Holdings Group Inc. boosted its stake in shares of Prime Medicine by 96.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after buying an additional 433,653 shares during the period. Walleye Capital LLC grew its holdings in shares of Prime Medicine by 272.5% during 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 in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of Prime Medicine by 4.5% in 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 last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Prime Medicine during 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.