Prime Medicine (NASDAQ:PRME) Shares Up 9.1% – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME) shot up 9.1% during mid-day trading on Thursday . The company traded as high as $3.38 and last traded at $3.4250. 365,007 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 2,652,953 shares. The stock had previously closed at $3.14.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PRME. Wall Street Zen lowered shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Finally, Oppenheimer began coverage on shares of Prime Medicine in a research report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $7.65.

Prime Medicine Stock Down 11.8%

The business’s 50-day moving average price is $3.38 and its 200-day moving average price is $3.65. The firm has a market capitalization of $552.70 million, a PE ratio of -2.49 and a beta of 2.31.

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

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRME. Creative Planning bought a new position in Prime Medicine during the second quarter valued at approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Prime Medicine during the fourth quarter valued at approximately $31,000. Royal Bank of Canada raised its position in 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 in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Prime Medicine during the fourth quarter valued at approximately $33,000. Finally, Glen Eagle Advisors LLC bought a new position in Prime Medicine during the fourth quarter valued at approximately $35,000. Institutional investors own 70.37% of the company’s stock.

About Prime Medicine

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.