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

Prime Medicine (NYSE:PRME) had its price target lowered by equities researchers at Chardan Capital from $17.00 to $15.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Chardan Capital’s target price would suggest a potential upside of 317.25% from the company’s current price.

PRME has been the topic of a number of other reports. StockNews.com upgraded Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a research note on Thursday, August 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $10.00 price objective on shares of Prime Medicine in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Prime Medicine Price Performance

Shares of Prime Medicine stock opened at $3.60 on Wednesday. The business has a 50-day simple moving average of $3.88 and a 200 day simple moving average of $5.03. Prime Medicine has a one year low of $3.28 and a one year high of $9.86. The firm has a market capitalization of $431.51 million, a price-to-earnings ratio of -1.75 and a beta of 2.09.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently added to or reduced their stakes in PRME. ORG Partners LLC purchased a new position in shares of Prime Medicine during the second quarter worth approximately $29,000. National Bank of Canada FI bought a new stake in Prime Medicine in the second quarter worth $34,000. Nisa Investment Advisors LLC boosted its position in Prime Medicine by 22,652.9% during the second quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock valued at $40,000 after buying an additional 7,702 shares during the period. Intech Investment Management LLC bought a new position in shares of Prime Medicine during the third quarter valued at about $55,000. Finally, Corsair Capital Management L.P. purchased a new position in shares of Prime Medicine in the third quarter worth about $77,000. 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.