Chardan Capital Initiates Coverage on Prime Medicine (NYSE:PRME)

Research analysts at Chardan Capital started coverage on shares of Prime Medicine (NYSE:PRME) in a research note issued to investors on Monday, MarketBeat.com reports. The firm set a “buy” rating and a $17.00 price target on the stock. Chardan Capital’s price target would suggest a potential upside of 254.17% from the stock’s previous close.

PRME has been the topic of a number of other reports. Guggenheim reduced their price target on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Wedbush assumed coverage on shares of Prime Medicine in a research report on Tuesday, April 2nd. They issued an “outperform” rating and a $12.00 price target on the stock. TD Cowen assumed coverage on shares of Prime Medicine in a research report on Monday, April 8th. They issued a “buy” rating on the stock. Finally, Stifel Nicolaus lowered shares of Prime Medicine from a “buy” rating to a “hold” rating and reduced their price target for the company from $18.00 to $9.00 in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.89.

Prime Medicine Stock Performance

Shares of Prime Medicine stock opened at $4.80 on Monday. The firm’s 50-day simple moving average is $7.06 and its 200-day simple moving average is $7.37. Prime Medicine has a twelve month low of $4.34 and a twelve month high of $17.20. The firm has a market cap of $575.71 million, a P/E ratio of -2.21 and a beta of 1.81.

Prime Medicine (NYSE:PRME) last issued its earnings results on Friday, March 1st. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.08). On average, equities analysts forecast that Prime Medicine will post -1.8 earnings per share for the current fiscal year.

Insider Transactions at Prime Medicine

In related news, Director Robert Nelsen bought 3,200,000 shares of Prime Medicine stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the transaction, the director now owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of PRME. Vanguard Group Inc. raised its stake in shares of Prime Medicine by 18.5% during the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock worth $37,700,000 after buying an additional 617,310 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Prime Medicine by 18.6% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company’s stock worth $34,676,000 after buying an additional 571,097 shares during the last quarter. ARK Investment Management LLC increased its stake in Prime Medicine by 19.7% in the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock valued at $27,805,000 after purchasing an additional 515,841 shares in the last quarter. Bollard Group LLC bought a new stake in Prime Medicine in the fourth quarter valued at approximately $3,200,000. Finally, Greenwich Wealth Management LLC increased its stake in Prime Medicine by 111.1% in the third quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after purchasing an additional 231,021 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

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.