Prime Medicine (NASDAQ:PRME) Trading Up 6.3% – Time to Buy?

Prime Medicine, Inc. (NASDAQ:PRME) shot up 6.3% on Tuesday . The stock traded as high as $3.46 and last traded at $3.4550. Approximately 260,168 shares changed hands during trading, a decline of 91% from the average daily volume of 2,907,722 shares. The stock had previously closed at $3.25.

Analysts Set New Price Targets

PRME has been the subject of several research reports. BMO Capital Markets began coverage on Prime Medicine in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 target price for the company. Chardan Capital assumed coverage on Prime Medicine in a research note on Tuesday. They set a “buy” rating and a $7.00 price target on the stock. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. New Street Research set a $8.00 target price on Prime Medicine in a report on Monday, June 29th. Finally, The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Stock Performance

The business has a 50 day simple moving average of $3.34 and a 200-day simple moving average of $3.42. The firm has a market cap of $649.34 million, a price-to-earnings ratio of -3.38 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. As a group, research analysts anticipate that Prime Medicine, Inc. will post -0.95 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently bought and sold shares of PRME. California State Teachers Retirement System grew its stake in shares of Prime Medicine by 570.2% in the 2nd quarter. California State Teachers Retirement System now owns 579,511 shares of the company’s stock worth $2,138,000 after acquiring an additional 493,038 shares in the last quarter. Syon Capital LLC bought a new stake in Prime Medicine during the second quarter worth $41,000. Concurrent Investment Advisors LLC boosted its position in Prime Medicine by 77.6% in the second quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock worth $486,000 after purchasing an additional 57,545 shares during the last quarter. Wellington Management Group LLP purchased a new position in Prime Medicine in the second quarter worth $1,123,000. Finally, Kingsview Wealth Management LLC bought a new position in Prime Medicine in the 2nd quarter valued at $37,000. 70.37% of the stock is currently owned by 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.