Prime Medicine (NYSE:PRME) Coverage Initiated at Chardan Capital

Chardan Capital initiated coverage on shares of Prime Medicine (NYSE:PRME) in a research report sent to investors on Monday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $17.00 price target on the stock.

A number of other equities research analysts have also issued reports on the stock. Wedbush started coverage on shares of Prime Medicine in a research note on Tuesday, April 2nd. They set an outperform rating and a $12.00 target price for the company. Stifel Nicolaus lowered shares of Prime Medicine from a buy rating to a hold rating and reduced their price objective for the company from $18.00 to $9.00 in a research note on Tuesday, January 16th. Guggenheim reduced their price objective on shares of Prime Medicine from $24.00 to $20.00 and set a buy rating for the company in a research note on Tuesday, March 5th. Finally, TD Cowen started coverage on shares of Prime Medicine in a research note on Monday, April 8th. They issued a buy rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $16.89.

Prime Medicine Stock Down 8.5 %

Shares of NYSE:PRME opened at $4.30 on Monday. The firm has a fifty day moving average of $6.95 and a two-hundred day moving average of $7.33. The firm has a market capitalization of $516.09 million, a P/E ratio of -1.98 and a beta of 1.80. Prime Medicine has a 12-month low of $4.11 and a 12-month high of $17.20.

Prime Medicine (NYSE:PRME) last issued its earnings results on Friday, March 1st. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). Equities research analysts expect that Prime Medicine will post -1.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert Nelsen bought 3,200,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $6.25 per share, with a total value of $20,000,000.00. Following the transaction, the director now directly owns 3,200,000 shares in the company, valued at $20,000,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 24.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. ARK Investment Management LLC grew its stake in Prime Medicine by 19.7% during the fourth quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company’s stock worth $27,805,000 after buying an additional 515,841 shares during the last quarter. Greenwich Wealth Management LLC grew its stake in shares of Prime Medicine by 111.1% during the third quarter. Greenwich Wealth Management LLC now owns 439,021 shares of the company’s stock valued at $4,188,000 after purchasing an additional 231,021 shares during the last quarter. Barclays PLC grew its stake in shares of Prime Medicine by 726.8% during the third quarter. Barclays PLC now owns 65,140 shares of the company’s stock valued at $621,000 after purchasing an additional 57,261 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Prime Medicine by 18.5% during the third quarter. Vanguard Group Inc. now owns 3,951,793 shares of the company’s stock valued at $37,700,000 after purchasing an additional 617,310 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of Prime Medicine by 296.8% during the third quarter. Citigroup Inc. now owns 56,193 shares of the company’s stock valued at $536,000 after purchasing an additional 42,032 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

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.