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

Prime Medicine (NYSE:PRME) had its target price dropped by stock analysts at Chardan Capital from $17.00 to $15.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Chardan Capital’s target price indicates a potential upside of 278.79% from the stock’s previous close.

PRME has been the subject of several other reports. StockNews.com upgraded Prime Medicine to a “sell” rating in a research report on Wednesday, August 7th. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Prime Medicine in a report on Wednesday. Finally, Wedbush reiterated an “outperform” rating and set a $12.00 price target on shares of Prime Medicine in a research note on Thursday, August 8th. 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.25.

Prime Medicine Trading Down 8.3 %

PRME stock traded down $0.36 during midday trading on Wednesday, hitting $3.96. 1,487,961 shares of the company’s stock were exchanged, compared to its average volume of 979,085. Prime Medicine has a 1-year low of $3.28 and a 1-year high of $9.86. The stock has a market capitalization of $475.32 million, a PE ratio of -1.93 and a beta of 2.09. The business has a 50-day simple moving average of $3.88 and a two-hundred day simple moving average of $5.04.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in PRME. ORG Partners LLC acquired a new stake in Prime Medicine during the second quarter worth approximately $29,000. National Bank of Canada FI purchased a new position in shares of Prime Medicine in the 2nd quarter valued at $34,000. Nisa Investment Advisors LLC raised its stake in Prime Medicine by 22,652.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,736 shares of the company’s stock worth $40,000 after acquiring an additional 7,702 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Prime Medicine during the 3rd quarter worth $55,000. Finally, China Universal Asset Management Co. Ltd. lifted its position in Prime Medicine by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 23,086 shares of the company’s stock valued at $89,000 after acquiring an additional 8,985 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Prime Medicine

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.