Prime Medicine (NASDAQ:PRME) Shares Gap Up – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME)’s share price gapped up before the market opened on Tuesday. The stock had previously closed at $3.21, but opened at $3.56. Prime Medicine shares last traded at $3.5240, with a volume of 2,448,121 shares changing hands.

Analysts Set New Price Targets

PRME has been the subject of a number of recent research reports. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. New Street Research set a $8.00 price objective on Prime Medicine in a report on Monday, June 29th. Finally, The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Trading Up 9.6%

The company’s fifty day moving average is $3.24 and its 200-day moving average is $3.33. The firm has a market capitalization of $638.09 million, a P/E ratio of -3.32 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME) last announced its earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting the consensus estimate of ($0.24). The firm had revenue of $1.15 million for 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%. On average, equities research analysts anticipate that Prime Medicine, Inc. will post -0.97 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently made changes to their positions in PRME. Royal Bank of Canada boosted its stake in Prime Medicine by 89.3% during the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after purchasing an additional 4,365 shares during the period. Glen Eagle Advisors LLC bought a new position in Prime Medicine in the 4th quarter worth approximately $35,000. Kingsview Wealth Management LLC acquired a new position in shares of Prime Medicine during the second quarter worth approximately $37,000. Wealthfront Advisers LLC acquired a new position in shares of Prime Medicine during the first quarter worth approximately $36,000. Finally, Syon Capital LLC bought a new stake in shares of Prime Medicine in the second quarter valued at approximately $41,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc (NASDAQ:PRME) is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.