Prime Medicine’s (PRME) “Buy” Rating Reiterated at Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of Prime Medicine (NASDAQ:PRME) in a research report report published on Friday,Benzinga reports. They currently have a $7.00 target price on the stock.

Several other equities research analysts have also issued reports on the stock. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research report on Friday. New Street Research set a $8.00 target price on Prime Medicine in a research report on Monday, June 29th. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Prime Medicine from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. Finally, The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Price Performance

NASDAQ PRME opened at $2.90 on Friday. Prime Medicine has a 12 month low of $2.67 and a 12 month high of $6.94. The company has a 50-day moving average of $3.24 and a 200-day moving average of $3.36. The company has a market cap of $526.00 million, a P/E ratio of -2.74 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.24). The company had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. As a group, equities research analysts anticipate that Prime Medicine will post -0.96 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors have recently bought and sold shares of PRME. Royal Bank of Canada boosted its holdings in shares of Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after purchasing an additional 4,365 shares during the period. Glen Eagle Advisors LLC bought a new position in shares of Prime Medicine during the 4th quarter worth about $35,000. Kingsview Wealth Management LLC acquired a new position in Prime Medicine in the 2nd quarter valued at approximately $37,000. Wealthfront Advisers LLC acquired a new position in shares of Prime Medicine in the first quarter valued at $36,000. Finally, Syon Capital LLC acquired a new position in shares of Prime Medicine in the 2nd quarter valued at $41,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.