Prime Medicine (NASDAQ:PRME) Shares Gap Up – Here’s Why

Prime Medicine, Inc. (NASDAQ:PRME)’s share price gapped up prior to trading on Monday . The stock had previously closed at $3.43, but opened at $3.73. Prime Medicine shares last traded at $3.7660, with a volume of 846,136 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Oppenheimer started coverage on Prime Medicine in a research report on Thursday, March 12th. They set an “outperform” rating and a $11.00 target price on the stock. The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research note on Monday, June 22nd. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. Wall Street Zen downgraded Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Finally, New Street Research set a $8.00 target price on Prime Medicine in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.53.

Prime Medicine Stock Down 0.8%

The company has a market cap of $666.49 million, a PE ratio of -3.00 and a beta of 2.31. The stock has a 50-day moving average of $3.25 and a 200-day moving average of $3.57.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Chelsea Counsel Co. grew its stake in Prime Medicine by 103.7% in the 1st quarter. Chelsea Counsel Co. now owns 462,340 shares of the company’s stock worth $1,609,000 after buying an additional 235,340 shares in the last quarter. ADAR1 Capital Management LLC purchased a new position in Prime Medicine in the first quarter worth $6,867,000. Royal Bank of Canada grew its position in Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after acquiring an additional 4,365 shares in the last quarter. Redmile Group LLC bought a new position in Prime Medicine in the first quarter valued at $5,536,000. Finally, Sei Investments Co. bought a new position in Prime Medicine in the first quarter valued at $102,000. 70.37% of the stock is currently owned by institutional investors.

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.