Prime Medicine (NASDAQ:PRME) Stock Price Up 6.1% – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price traded up 6.1% on Tuesday. The company traded as high as $3.03 and last traded at $3.0550. Approximately 1,343,439 shares changed hands during trading, a decline of 54% from the average session volume of 2,935,043 shares. The stock had previously closed at $2.88.

Analyst Upgrades and Downgrades

PRME has been the topic of several research reports. New Street Research set a $8.00 price target on shares of Prime Medicine in a research report on Monday, June 29th. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research note on Friday. BMO Capital Markets started coverage on Prime Medicine in a report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 target price for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. Finally, The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prime Medicine presently has an average rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Trading Up 5.4%

The stock’s fifty day moving average price is $3.24 and its two-hundred day moving average price is $3.35. The stock has a market capitalization of $550.49 million, a P/E ratio of -2.87 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last issued its earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The company had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million. As a group, analysts expect that Prime Medicine, Inc. will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently added to or reduced their stakes in PRME. Royal Bank of Canada raised its stake in shares of Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after acquiring an additional 4,365 shares during the last quarter. Glen Eagle Advisors LLC bought a new stake in Prime Medicine during the fourth quarter worth about $35,000. Kingsview Wealth Management LLC purchased a new stake in Prime Medicine in the second quarter worth about $37,000. Wealthfront Advisers LLC bought a new position in shares of Prime Medicine during the first quarter valued at approximately $36,000. Finally, Syon Capital LLC purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $41,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Prime Medicine

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.