Prime Medicine (NASDAQ:PRME – Get Free Report)‘s stock had its “buy” rating reaffirmed by Chardan Capital in a report issued on Friday, Benzinga reports. They currently have a $7.00 target price on the stock. Chardan Capital’s price target would indicate a potential upside of 128.01% from the company’s previous close.
Other equities analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Prime Medicine from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Prime Medicine in a research report on Monday, August 10th. New Street Research set a $8.00 target price on Prime Medicine in a report on Monday, June 29th. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. Finally, TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $7.47.
View Our Latest Stock Analysis on PRME
Prime Medicine Trading Down 1.9%
Prime Medicine (NASDAQ:PRME – Get Free Report) last announced 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). The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. As a group, equities research analysts predict that Prime Medicine will post -0.96 EPS for the current year.
Institutional Investors Weigh In On Prime Medicine
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Alphabet Inc. acquired a new stake in shares of Prime Medicine in the second quarter worth approximately $61,116,000. BlackRock Inc. acquired a new position in Prime Medicine during the second quarter worth approximately $35,432,000. Redmile Group LLC acquired a new position in shares of Prime Medicine in the 1st quarter valued at $5,536,000. ADAR1 Capital Management LLC purchased a new stake in shares of Prime Medicine during the 2nd quarter valued at $7,371,000. Finally, Dimensional Fund Advisors LP grew its stake 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 valued at $1,060,000 after buying an additional 220,468 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.
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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