Prime Medicine (NASDAQ:PRME – Get Free Report)‘s stock had its “buy” rating reaffirmed by equities researchers at Chardan Capital in a report released on Friday, Benzinga reports. They currently have a $7.00 price target on the stock. Chardan Capital’s price objective indicates a potential upside of 138.50% from the company’s previous close.
PRME has been the topic of several other research reports. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a report on Friday. HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of Prime Medicine in a report on Monday, August 10th. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. Finally, BMO Capital Markets began coverage on Prime Medicine in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.47.
Get Our Latest Stock Report on PRME
Prime Medicine Trading Down 4.4%
Prime Medicine (NASDAQ:PRME – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The firm had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. As a group, equities analysts forecast that Prime Medicine will post -0.96 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in PRME. Alphabet Inc. bought a new stake in shares of Prime Medicine during the 2nd quarter valued at $61,116,000. BlackRock Inc. bought a new stake in shares of Prime Medicine during the 2nd quarter worth $35,432,000. Redmile Group LLC bought a new stake in shares of Prime Medicine during the 1st quarter worth $5,536,000. ADAR1 Capital Management LLC bought a new stake in shares of Prime Medicine during the 2nd quarter worth $7,371,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Prime Medicine by 262.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company’s stock worth $1,060,000 after buying an additional 220,468 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.
Prime Medicine Company Profile
Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.
Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.
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