Prime Medicine (NYSE:PRME) Receives “Buy” Rating from Chardan Capital

Chardan Capital reiterated their buy rating on shares of Prime Medicine (NYSE:PRME) in a report published on Monday morning,Benzinga reports. Chardan Capital currently has a $15.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. Wedbush reiterated an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a research report on Friday, February 28th. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research note on Wednesday, November 13th. Guggenheim reaffirmed a “buy” rating and issued a $18.00 target price on shares of Prime Medicine in a research note on Tuesday, December 3rd. Finally, StockNews.com raised shares of Prime Medicine to a “sell” rating in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.13.

Prime Medicine Price Performance

Shares of NYSE PRME opened at $2.31 on Monday. Prime Medicine has a one year low of $2.12 and a one year high of $8.58. The firm’s 50 day simple moving average is $2.82 and its two-hundred day simple moving average is $3.38. The stock has a market capitalization of $302.98 million, a P/E ratio of -1.13 and a beta of 1.86.

Institutional Trading of Prime Medicine

Hedge funds have recently modified their holdings of the business. American Century Companies Inc. bought a new stake in shares of Prime Medicine during the 4th quarter valued at $33,000. Paloma Partners Management Co bought a new position in Prime Medicine in the 3rd quarter worth about $45,000. Nisa Investment Advisors LLC boosted its stake in Prime Medicine by 11,474.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock worth $37,000 after purchasing an additional 12,507 shares in the last quarter. Intech Investment Management LLC bought a new position in Prime Medicine in the 3rd quarter worth about $55,000. Finally, XTX Topco Ltd bought a new position in Prime Medicine in the 4th quarter worth about $42,000. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Company Profile

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.