Prime Medicine (NYSE:PRME) Given New $16.00 Price Target at Chardan Capital

Prime Medicine (NYSE:PRME) had its price objective boosted by Chardan Capital from $15.00 to $16.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

PRME has been the subject of several other reports. Guggenheim restated a “buy” rating and set a $18.00 price objective on shares of Prime Medicine in a research note on Tuesday, December 3rd. StockNews.com upgraded shares of 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 price target on shares of Prime Medicine in a research report on Wednesday. Citizens Jmp raised Prime Medicine to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, JMP Securities began coverage on Prime Medicine in a report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $13.38.

Prime Medicine Trading Up 0.5 %

Shares of PRME stock opened at $2.01 on Thursday. Prime Medicine has a 12-month low of $1.65 and a 12-month high of $8.27. The business’s fifty day simple moving average is $2.58 and its 200-day simple moving average is $3.21. The company has a market cap of $263.63 million, a PE ratio of -0.98 and a beta of 1.85.

Prime Medicine (NYSE:PRME) last released its earnings results on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same period in the prior year, the business posted ($2.18) EPS. On average, equities analysts forecast that Prime Medicine will post -1.68 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in PRME. ProShare Advisors LLC raised its stake in Prime Medicine by 24.6% in the fourth quarter. ProShare Advisors LLC now owns 22,186 shares of the company’s stock valued at $65,000 after buying an additional 4,375 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of Prime Medicine by 20.5% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 27,811 shares of the company’s stock worth $81,000 after acquiring an additional 4,725 shares in the last quarter. Levin Capital Strategies L.P. lifted its stake in Prime Medicine by 7.1% during the fourth quarter. Levin Capital Strategies L.P. now owns 75,000 shares of the company’s stock worth $219,000 after purchasing an additional 5,000 shares during the last quarter. PEAK6 Investments LLC increased its stake in Prime Medicine by 32.4% in the third quarter. PEAK6 Investments LLC now owns 45,013 shares of the company’s stock valued at $174,000 after purchasing an additional 11,013 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in Prime Medicine during the fourth quarter worth approximately $33,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.