Prime Medicine (NASDAQ:PRME) Shares Up 12.3% – Should You Buy?

Prime Medicine, Inc. (NASDAQ:PRME) shot up 12.3% during mid-day trading on Wednesday . The stock traded as high as $3.16 and last traded at $3.3360. 395,173 shares changed hands during trading, a decline of 85% from the average session volume of 2,618,115 shares. The stock had previously closed at $2.97.

Wall Street Analyst Weigh In

PRME has been the subject of a number of research analyst reports. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a report on Monday, March 2nd. Oppenheimer initiated coverage on shares of Prime Medicine in a report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 target price for the company. Finally, Wall Street Zen cut shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $7.65.

Prime Medicine Stock Up 13.3%

The company has a market capitalization of $607.79 million, a PE ratio of -2.74 and a beta of 2.35. The stock’s fifty day simple moving average is $3.42 and its 200-day simple moving average is $3.67.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.The business had revenue of $0.86 million for the quarter. Analysts expect that Prime Medicine, Inc. will post -0.98 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Alphabet Inc. increased its stake in shares of Prime Medicine by 10.0% during the 3rd quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock worth $91,756,000 after purchasing an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC increased its stake in shares of Prime Medicine by 135.8% during the 3rd quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after purchasing an additional 3,155,182 shares in the last quarter. Farallon Capital Management LLC increased its stake in shares of Prime Medicine by 533.3% during the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after purchasing an additional 4,000,000 shares in the last quarter. Casdin Capital LLC increased its stake in shares of Prime Medicine by 102.1% during the 3rd quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock worth $17,546,000 after purchasing an additional 1,600,000 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in Prime Medicine by 1,463.0% during the third quarter. HighTower Advisors LLC now owns 333,755 shares of the company’s stock worth $1,849,000 after acquiring an additional 312,401 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

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.