Prime Medicine (NYSE:PRME) Now Covered by Analysts at Chardan Capital

Stock analysts at Chardan Capital initiated coverage on shares of Prime Medicine (NYSE:PRME) in a note issued to investors on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $17.00 price target on the stock. Chardan Capital’s target price points to a potential upside of 254.17% from the stock’s previous close.

A number of other equities analysts also recently issued reports on PRME. Guggenheim decreased their price objective on Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Stifel Nicolaus downgraded Prime Medicine from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $18.00 to $9.00 in a report on Tuesday, January 16th. Wedbush initiated coverage on Prime Medicine in a report on Tuesday, April 2nd. They issued an “outperform” rating and a $12.00 price objective for the company. Finally, TD Cowen initiated coverage on Prime Medicine in a report on Monday, April 8th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $16.89.

Prime Medicine Stock Up 0.4 %

Shares of PRME stock opened at $4.80 on Monday. The stock has a fifty day moving average of $7.06 and a 200 day moving average of $7.37. Prime Medicine has a 52 week low of $4.34 and a 52 week high of $17.20. The firm has a market capitalization of $575.71 million, a price-to-earnings ratio of -2.21 and a beta of 1.81.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Equities research analysts anticipate that Prime Medicine will post -1.8 earnings per share for the current year.

Insider Activity

In related news, Director Robert Nelsen purchased 3,200,000 shares of Prime Medicine stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the acquisition, the director now directly owns 3,200,000 shares of the company’s stock, valued at $20,000,000. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 24.29% of the company’s stock.

Hedge Funds Weigh In On Prime Medicine

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings 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 valued at $37,700,000 after acquiring an additional 617,310 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Prime Medicine by 18.6% in the 3rd 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 in the last quarter. ARK Investment Management LLC increased its holdings in Prime Medicine by 19.7% in the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after buying an additional 515,841 shares in the last quarter. Greenwich Wealth Management LLC increased its holdings in Prime Medicine by 16.9% in the 4th quarter. Greenwich Wealth Management LLC now owns 513,001 shares of the company’s stock worth $4,545,000 after buying an additional 73,980 shares in the last quarter. Finally, Bollard Group LLC bought a new stake in Prime Medicine in the 4th quarter worth about $3,200,000. 70.37% of the stock is currently 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.