Prime Medicine (NYSE:PRME) Given New $15.00 Price Target at Chardan Capital

Prime Medicine (NYSE:PRMEFree Report) had its price target cut by Chardan Capital from $17.00 to $15.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Prime Medicine in a research note on Wednesday. Wedbush restated an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a research report on Thursday, August 8th. Finally, StockNews.com upgraded shares of Prime Medicine to a “sell” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Prime Medicine presently has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Read Our Latest Analysis on Prime Medicine

Prime Medicine Price Performance

PRME opened at $3.96 on Wednesday. The stock’s 50 day simple moving average is $3.88 and its 200 day simple moving average is $5.04. The firm has a market cap of $475.32 million, a price-to-earnings ratio of -1.93 and a beta of 2.09. Prime Medicine has a 1 year low of $3.28 and a 1 year high of $9.86.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PRME. ARK Investment Management LLC grew its stake in Prime Medicine by 2.2% in the second quarter. ARK Investment Management LLC now owns 6,126,773 shares of the company’s stock worth $31,492,000 after purchasing an additional 133,419 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Prime Medicine by 43.1% during the 1st 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 in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Prime Medicine by 13.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,522,590 shares of the company’s stock worth $17,660,000 after buying an additional 301,431 shares during the period. Redmile Group LLC increased its stake in shares of Prime Medicine by 56.6% in the 1st quarter. Redmile Group LLC now owns 2,074,350 shares of the company’s stock worth $14,520,000 after acquiring an additional 750,000 shares in the last quarter. Finally, Millennium Management LLC lifted its position in Prime Medicine by 205.7% during the 2nd quarter. Millennium Management LLC now owns 1,330,927 shares of the company’s stock valued at $6,841,000 after acquiring an additional 895,610 shares during the period. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Prime Medicine (NYSE:PRME)

Receive News & Ratings for Prime Medicine Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prime Medicine and related companies with MarketBeat.com's FREE daily email newsletter.