Prime Medicine (NYSE:PRME) Price Target Raised to $16.00

Prime Medicine (NYSE:PRME) had its target price boosted by Chardan Capital from $15.00 to $16.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

PRME has been the subject of a number of other reports. Guggenheim restated a “buy” rating and set a $18.00 target price on shares of Prime Medicine in a report on Tuesday, December 3rd. Citizens Jmp upgraded shares of Prime Medicine to a “strong-buy” rating in a research report on Tuesday, December 10th. JMP Securities started coverage on shares of Prime Medicine in a report on Tuesday, December 10th. They set an “outperform” rating and a $10.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Prime Medicine in a report on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $13.00 price target (up previously from $12.00) on shares of Prime Medicine in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $13.38.

Prime Medicine Price Performance

Prime Medicine stock opened at $1.95 on Thursday. The firm has a 50 day simple moving average of $2.56 and a 200-day simple moving average of $3.19. The stock has a market capitalization of $255.76 million, a PE ratio of -0.95 and a beta of 1.85. Prime Medicine has a 12-month low of $1.65 and a 12-month high of $8.27.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Friday, March 7th. The company reported ($1.65) earnings per share (EPS) for the quarter. During the same quarter last year, the company posted ($2.18) EPS. On average, analysts forecast that Prime Medicine will post -1.68 earnings per share for the current fiscal year.

Institutional Trading of Prime Medicine

Several hedge funds and other institutional investors have recently bought and sold shares of PRME. Vestal Point Capital LP grew its position in Prime Medicine by 137.8% in the 3rd quarter. Vestal Point Capital LP now owns 1,070,000 shares of the company’s stock worth $4,141,000 after purchasing an additional 620,000 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings 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 during the last quarter. Walleye Capital LLC lifted its holdings in Prime Medicine by 272.5% during the 4th quarter. Walleye Capital LLC now owns 403,739 shares of the company’s stock valued at $1,179,000 after purchasing an additional 295,365 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Prime Medicine by 4.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,977,828 shares of the company’s stock valued at $11,616,000 after purchasing an additional 170,541 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Prime Medicine during the 4th quarter valued at about $423,000. 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.