Prime Medicine (NASDAQ:PRME) Shares Up 6.1% – Here’s Why

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

Analyst Ratings Changes

Several research analysts recently commented on PRME shares. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research note on Monday, June 22nd. Wall Street Zen raised shares of Prime Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Jefferies Financial Group reiterated a “market outperform” rating on shares of Prime Medicine in a research note on Monday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Prime Medicine in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Stock Down 1.0%

The firm has a market capitalization of $555.02 million, a P/E ratio of -2.89 and a beta of 2.34. The business’s 50 day moving average is $3.24 and its two-hundred day moving average is $3.34.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting 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 business had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. As a group, equities analysts anticipate that Prime Medicine, Inc. will post -0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds and other institutional investors have recently modified their holdings of PRME. Arizona State Retirement System raised its stake in Prime Medicine by 15.5% during the 2nd quarter. Arizona State Retirement System now owns 28,646 shares of the company’s stock valued at $106,000 after purchasing an additional 3,855 shares during the period. Royal Bank of Canada boosted its holdings 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 worth $32,000 after purchasing an additional 4,365 shares during the period. ProShare Advisors LLC lifted its position in Prime Medicine by 37.0% in the 4th quarter. ProShare Advisors LLC now owns 26,158 shares of the company’s stock worth $91,000 after buying an additional 7,059 shares in the last quarter. Swiss National Bank grew its holdings in shares of Prime Medicine by 5.0% during the 1st quarter. Swiss National Bank now owns 178,600 shares of the company’s stock valued at $622,000 after acquiring an additional 8,500 shares in the last quarter. Finally, Glen Eagle Advisors LLC purchased a new position in Prime Medicine in the fourth quarter valued at about $35,000. Institutional investors and hedge funds 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.