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

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

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

Prime Medicine Stock Performance

Shares of PRME opened at $3.35 on Wednesday. The firm has a market capitalization of $438.73 million, a price-to-earnings ratio of -1.63 and a beta of 2.09. The business’s fifty day moving average price is $3.88 and its two-hundred day moving average price is $5.01. Prime Medicine has a 52 week low of $3.28 and a 52 week high of $9.86.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently bought and sold shares of PRME. ORG Partners LLC acquired a new stake in Prime Medicine during the second quarter worth approximately $29,000. National Bank of Canada FI acquired a new stake in shares of Prime Medicine in the second quarter valued at approximately $34,000. Nisa Investment Advisors LLC raised its position in shares of Prime Medicine by 22,652.9% in 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 in the last quarter. Paloma Partners Management Co acquired a new stake in shares of Prime Medicine in the third quarter valued at approximately $45,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Prime Medicine in the third quarter valued at approximately $55,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.