Prime Medicine (NASDAQ:PRME) Earns "Buy" Rating from Chardan Capital

Prime Medicine (NASDAQ:PRME - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Chardan Capital in a report issued on Friday, Benzinga reports. They currently have a $7.00 target price on the stock. Chardan Capital's price objective indicates a potential upside of 128.01% from the company's previous close.

A number of other research firms also recently weighed in on PRME. New Street Research set a $8.00 target price on Prime Medicine in a report on Monday, June 29th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Prime Medicine in a research report on Monday, August 31st. HC Wainwright reiterated a "buy" rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, August 10th. BMO Capital Markets started coverage on shares of Prime Medicine in a report on Tuesday, August 18th. They issued an "outperform" rating and a $9.00 price objective for the company. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Prime Medicine in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $7.47.

Prime Medicine Stock Down 1.9%

Shares of NASDAQ:PRME opened at $3.07 on Friday. Prime Medicine has a 12-month low of $2.67 and a 12-month high of $6.94. The business has a 50 day moving average of $3.25 and a 200-day moving average of $3.37. The stock has a market cap of $556.84 million, a PE ratio of -2.90 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME - Get Free Report) last announced its 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 analyst estimates of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. Equities research analysts expect that Prime Medicine will post -0.96 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently made changes to their positions in PRME. Royal Bank of Canada increased its stake in Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock valued at $32,000 after acquiring an additional 4,365 shares during the last quarter. Glen Eagle Advisors LLC bought a new stake in Prime Medicine during the fourth quarter worth $35,000. Kingsview Wealth Management LLC acquired a new stake in shares of Prime Medicine in the 2nd quarter valued at $37,000. Wealthfront Advisers LLC acquired a new stake in shares of Prime Medicine in the 1st quarter valued at $36,000. Finally, Syon Capital LLC acquired a new stake 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.

About Prime Medicine

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.