Chardan Capital Lowers Prime Medicine (NYSE:PRME) Price Target to $10.00

Key Points

• Chardan Capital has reduced its price target for Prime Medicine (NYSE:PRME) from $12.00 to $10.00, while maintaining a "buy" rating, which indicates a potential upside of 163.85% from the current stock price.
• Several other analysts have weighed in on Prime Medicine, with ratings varying from a sell to a strong buy, resulting in a consensus rating of "Moderate Buy" and a target of $8.92.
• Major shareholders, including Arch Venture Partners and David R. Liu, have recently increased their stakes in Prime Medicine, indicating confidence in the company's future potential.

Prime Medicine (NYSE:PRME - Get Free Report) had its price target decreased by analysts at Chardan Capital from $12.00 to $10.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Chardan Capital's price objective would suggest a potential upside of 171.37% from the company's previous close.

PRME has been the topic of a number of other research reports. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. Citigroup reissued a "neutral" rating and issued a $1.50 price target (down previously from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. Wedbush reissued an "outperform" rating and issued a $8.00 price target on shares of Prime Medicine in a report on Wednesday, July 16th. JMP Securities decreased their price target on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 20th. Finally, HC Wainwright cut shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $8.92.

Prime Medicine Stock Performance

Prime Medicine stock traded up $0.23 during midday trading on Friday, reaching $3.69. 909,261 shares of the stock were exchanged, compared to its average volume of 2,490,492. The company's fifty day moving average is $3.19 and its 200-day moving average is $2.34. The firm has a market cap of $495.62 million, a PE ratio of -1.80 and a beta of 2.39. Prime Medicine has a 52 week low of $1.11 and a 52 week high of $5.17.

Insider Buying and Selling at Prime Medicine

In other news, major shareholder David R. Liu purchased 21,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was acquired at an average price of $2.16 per share, with a total value of $45,360.00. Following the transaction, the insider directly owned 20,219,945 shares of the company's stock, valued at approximately $43,675,081.20. This represents a 0.10% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Arch Venture Partners Xii, Llc acquired 3,030,300 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average price of $3.30 per share, with a total value of $9,999,990.00. Following the completion of the acquisition, the insider directly owned 6,230,300 shares in the company, valued at approximately $20,559,990. This represents a 94.70% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,093,300 shares of company stock valued at $10,110,240 in the last three months. 22.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. increased its stake in shares of Prime Medicine by 4.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,143,096 shares of the company's stock worth $8,245,000 after acquiring an additional 165,268 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Prime Medicine by 2.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company's stock valued at $4,628,000 after purchasing an additional 38,515 shares in the last quarter. Geode Capital Management LLC increased its stake in Prime Medicine by 7.9% during the 4th quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock valued at $4,287,000 after purchasing an additional 107,627 shares in the last quarter. Westwood Holdings Group Inc. increased its stake in Prime Medicine by 96.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after purchasing an additional 433,653 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Prime Medicine by 3.9% during the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company's stock valued at $1,591,000 after acquiring an additional 20,389 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.