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 lowered by Chardan Capital from $12.00 to $10.00 in a report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Chardan Capital's price objective points to a potential upside of 163.85% from the stock's current price.

PRME has been the subject of several other reports. HC Wainwright lowered shares of Prime Medicine from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 20th. JMP Securities dropped their price target on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 20th. Citigroup reiterated a "neutral" rating and set a $1.50 price target (down from $10.00) on shares of Prime Medicine in a report on Tuesday, May 27th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Prime Medicine in a research note on Tuesday, May 20th. Finally, Wedbush restated an "outperform" rating and set a $8.00 target price on shares of Prime Medicine in a research report on Wednesday, July 16th. 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 issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $8.92.

Prime Medicine Stock Performance

Shares of PRME stock traded up $0.11 during mid-day trading on Friday, reaching $3.79. 3,584,582 shares of the company's stock traded hands, compared to its average volume of 2,471,767. The firm has a market capitalization of $509.74 million, a PE ratio of -1.85 and a beta of 2.39. Prime Medicine has a 12 month low of $1.11 and a 12 month high of $5.17. The firm has a 50 day moving average price of $3.05 and a two-hundred day moving average price of $2.34.

Insider Activity

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

Institutional Trading of Prime Medicine

A number of hedge funds have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. raised its stake in shares of Prime Medicine by 4.2% during 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 raised its stake in Prime Medicine by 2.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,584,476 shares of the company's stock valued at $4,628,000 after buying an additional 38,515 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Prime Medicine by 7.9% in the fourth quarter. Geode Capital Management LLC now owns 1,467,606 shares of the company's stock worth $4,287,000 after acquiring an additional 107,627 shares in the last quarter. Westwood Holdings Group Inc. increased its holdings in shares of Prime Medicine by 96.5% during the fourth quarter. Westwood Holdings Group Inc. now owns 883,129 shares of the company's stock valued at $2,579,000 after acquiring an additional 433,653 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Prime Medicine by 3.9% in the 4th quarter. Northern Trust Corp now owns 544,937 shares of the company's stock valued at $1,591,000 after purchasing an additional 20,389 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other 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.

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