Prime Medicine (NYSE:PRME) Research Coverage Started at Chardan Capital

Chardan Capital initiated coverage on shares of Prime Medicine (NYSE:PRME) in a report published on Monday morning, MarketBeat.com reports. The firm issued a buy rating and a $17.00 target price on the stock.

Several other research analysts have also weighed in on the stock. Wedbush initiated coverage on shares of Prime Medicine in a research note on Tuesday, April 2nd. They set an outperform rating and a $12.00 price objective on the stock. Guggenheim lowered their price objective on shares of Prime Medicine from $24.00 to $20.00 and set a buy rating on the stock in a research note on Tuesday, March 5th. Stifel Nicolaus lowered shares of Prime Medicine from a buy rating to a hold rating and lowered their price objective for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. Finally, TD Cowen initiated coverage on shares of Prime Medicine in a research note on Monday, April 8th. They set a buy rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $16.89.

Prime Medicine Trading Down 2.1 %

Shares of PRME stock opened at $4.70 on Monday. Prime Medicine has a 1 year low of $4.34 and a 1 year high of $17.20. The firm’s fifty day moving average price is $7.02 and its two-hundred day moving average price is $7.35. The firm has a market capitalization of $564.09 million, a P/E ratio of -2.17 and a beta of 1.80.

Prime Medicine (NYSE:PRME) last issued its quarterly earnings results on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, equities research analysts forecast that Prime Medicine will post -1.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Prime Medicine news, Director Robert Nelsen acquired 3,200,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the acquisition, the director now directly owns 3,200,000 shares of the company’s stock, valued at approximately $20,000,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 24.29% of the stock is currently owned by insiders.

Institutional Trading of Prime Medicine

Institutional investors have recently bought and sold shares of the business. Chelsea Counsel Co. boosted its holdings in Prime Medicine by 733.3% in the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock valued at $44,000 after purchasing an additional 4,400 shares during the period. SG Americas Securities LLC acquired a new position in shares of Prime Medicine in the 4th quarter valued at approximately $90,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Prime Medicine in the 4th quarter valued at approximately $100,000. Barclays PLC raised its position in shares of Prime Medicine by 47.7% in the 2nd quarter. Barclays PLC now owns 7,879 shares of the company’s stock valued at $116,000 after buying an additional 2,543 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of Prime Medicine in the 4th quarter valued at approximately $151,000. 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.