Prime Medicine (NYSE:PRME) Price Target Lowered to $9.00 at Chardan Capital

Prime Medicine (NYSE:PRME) had its price target lowered by equities researchers at Chardan Capital from $10.00 to $9.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Chardan Capital’s price target indicates a potential upside of 136.22% from the company’s current price.

A number of other equities analysts have also weighed in on PRME. Citigroup reiterated a “neutral” rating on shares of Prime Medicine in a research note on Wednesday, October 29th. Wedbush restated an “outperform” rating and set a $8.00 price target on shares of Prime Medicine in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $8.75.

Prime Medicine Price Performance

NYSE PRME opened at $3.81 on Monday. The stock’s fifty day moving average price is $4.96 and its 200 day moving average price is $3.46. The company has a market cap of $512.73 million, a price-to-earnings ratio of -1.86 and a beta of 2.64. Prime Medicine has a 1 year low of $1.11 and a 1 year high of $6.94.

Hedge Funds Weigh In On Prime Medicine

Large investors have recently made changes to their positions in the stock. Creative Planning purchased a new stake in shares of Prime Medicine in the 2nd quarter valued at $25,000. Freedom Investment Management Inc. purchased a new position in Prime Medicine in the second quarter worth approximately $26,000. R Squared Ltd acquired a new stake in Prime Medicine in the second quarter valued at $31,000. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of Prime Medicine during the 2nd quarter worth about $33,000. Finally, Savant Capital LLC acquired a new position in shares of Prime Medicine in the 2nd quarter valued at $37,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.