Prime Medicine (NYSE:PRME) Stock Price Expected to Rise, Chardan Capital Analyst Says

Prime Medicine (NYSE:PRME) had its price objective upped by equities researchers at Chardan Capital from $15.00 to $16.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Several other analysts have also recently commented on the stock. JMP Securities started coverage on shares of Prime Medicine in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $10.00 price target on the stock. Wedbush reiterated an “outperform” rating and issued a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a research note on Tuesday. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Prime Medicine in a research note on Wednesday. Guggenheim reiterated a “buy” rating and issued a $18.00 price target on shares of Prime Medicine in a research note on Tuesday, December 3rd. Finally, Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.38.

Prime Medicine Stock Performance

Shares of Prime Medicine stock opened at $2.00 on Thursday. The company has a market capitalization of $262.32 million, a P/E ratio of -0.98 and a beta of 1.85. The company has a fifty day moving average of $2.60 and a 200 day moving average of $3.22. Prime Medicine has a fifty-two week low of $1.65 and a fifty-two week high of $8.27.

Prime Medicine (NYSE:PRME) last announced its quarterly earnings results on Friday, March 7th. The company reported ($1.65) EPS for the quarter. During the same period last year, the firm posted ($2.18) EPS. Analysts forecast that Prime Medicine will post -1.68 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. bought a new position in Prime Medicine during the 4th quarter valued at about $33,000. Paloma Partners Management Co bought a new position in Prime Medicine during the 3rd quarter valued at about $45,000. Nisa Investment Advisors LLC grew its holdings in Prime Medicine by 11,474.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 12,616 shares of the company’s stock valued at $37,000 after purchasing an additional 12,507 shares during the last quarter. Intech Investment Management LLC bought a new position in Prime Medicine during the 3rd quarter valued at about $55,000. Finally, XTX Topco Ltd bought a new position in Prime Medicine during the 4th quarter valued at about $42,000. 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.