Chardan Capital Lowers Prime Medicine (NYSE:PRME) Price Target to $15.00

Prime Medicine (NYSE:PRME) had its price target trimmed by Chardan Capital from $17.00 to $15.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently weighed in on PRME. Wedbush reaffirmed an “outperform” rating and issued a $12.00 target price on shares of Prime Medicine in a research report on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Prime Medicine in a research report on Wednesday. Finally, StockNews.com raised shares of Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Prime Medicine Trading Down 7.0 %

Shares of NYSE:PRME opened at $3.35 on Wednesday. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86. The stock has a 50-day simple moving average of $3.88 and a 200-day simple moving average of $5.01.

Prime Medicine (NYSE:PRME) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.01). The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $55.00 million. On average, equities analysts predict that Prime Medicine will post -1.71 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

A number of hedge funds and other institutional investors have recently made changes to their positions in PRME. Westwood Holdings Group Inc. bought a new stake in shares of Prime Medicine in the 1st quarter worth about $1,115,000. Vanguard Group Inc. increased its holdings in Prime Medicine by 43.1% in the first quarter. Vanguard Group Inc. now owns 5,801,445 shares of the company’s stock valued at $40,610,000 after buying an additional 1,746,534 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Prime Medicine by 13.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock valued at $17,660,000 after buying an additional 301,431 shares in the last quarter. Millennium Management LLC grew its position in shares of Prime Medicine by 205.7% in the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock worth $6,841,000 after acquiring an additional 895,610 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Prime Medicine in the 1st quarter valued at approximately $148,000. Institutional investors 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.