Prime Medicine (NASDAQ:PRME) Raised to Strong-Buy at Chardan Capital

Prime Medicine (NASDAQ:PRME) was upgraded by Chardan Capital to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. New Street Research set a $8.00 price objective on Prime Medicine in a research note on Monday, June 29th. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Prime Medicine in a research note on Monday, August 10th. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, June 22nd. Wall Street Zen raised shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $7.47.

Prime Medicine Price Performance

PRME stock opened at $3.58 on Tuesday. The firm has a market cap of $649.34 million, a price-to-earnings ratio of -3.38 and a beta of 2.31. Prime Medicine has a 1-year low of $2.67 and a 1-year high of $6.94. The firm has a fifty day moving average price of $3.34 and a two-hundred day moving average price of $3.42.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The company had revenue of $1.15 million for the quarter, compared to the consensus estimate of $4.40 million. As a group, analysts expect that Prime Medicine will post -0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Institutional investors have recently bought and sold shares of the stock. Alphabet Inc. acquired a new stake in shares of Prime Medicine in the 2nd quarter worth approximately $61,116,000. BlackRock Inc. bought a new stake in Prime Medicine during the second quarter worth approximately $35,432,000. State Street Corp lifted its position in Prime Medicine by 293.0% in the fourth quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after purchasing an additional 3,798,884 shares during the period. Balyasny Asset Management L.P. lifted its position in Prime Medicine by 6,426.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after purchasing an additional 3,076,489 shares during the period. Finally, Woodline Partners LP bought a new position in Prime Medicine during the 3rd quarter valued at $16,634,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. Genetic mutations implicated in disease are diverse and can range from errors of a single base, known as point mutations, to errors that extend beyond a single base, such as insertions, deletions, duplications, or combinations thereof.