Chardan Capital Issues Pessimistic Forecast for Prime Medicine (NYSE:PRME) Stock Price

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

PRME has been the topic of a number of other research reports. StockNews.com upgraded Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $12.00 price target on shares of Prime Medicine in a report on Thursday, August 8th. Finally, HC Wainwright reissued 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 assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Prime Medicine Price Performance

Shares of 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 company’s fifty day moving average is $3.88 and its two-hundred day moving average is $5.01.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PRME. Geode Capital Management LLC increased its stake in Prime Medicine by 4.9% in the third quarter. Geode Capital Management LLC now owns 1,359,979 shares of the company’s stock valued at $5,264,000 after purchasing an additional 63,456 shares during the last quarter. Barclays PLC grew its holdings in Prime Medicine by 343.3% in the 3rd quarter. Barclays PLC now owns 84,697 shares of the company’s stock valued at $328,000 after buying an additional 65,593 shares during the period. State Street Corp increased its stake in shares of Prime Medicine by 3.9% during the 3rd quarter. State Street Corp now owns 1,146,949 shares of the company’s stock valued at $4,439,000 after acquiring an additional 43,086 shares during the last quarter. Benjamin Edwards Inc. lifted its holdings in shares of Prime Medicine by 12,371.0% during the 3rd quarter. Benjamin Edwards Inc. now owns 23,196 shares of the company’s stock worth $90,000 after acquiring an additional 23,010 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in shares of Prime Medicine in the third quarter worth approximately $45,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.