Prime Medicine (NASDAQ:PRME) Stock Price Up 3.5% – Here’s What Happened

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price rose 3.5% during trading on Wednesday. The stock traded as high as $3.56 and last traded at $3.6240. Approximately 728,938 shares were traded during trading, a decline of 76% from the average session volume of 2,985,511 shares. The stock had previously closed at $3.50.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group reissued a “market outperform” rating on shares of Prime Medicine in a research report on Monday, September 28th. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Wall Street Zen downgraded Prime Medicine from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. BMO Capital Markets started coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of Prime Medicine in a report on Monday, August 10th. 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 stock. According to MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Stock Down 8.2%

The stock has a market cap of $649.34 million, a PE ratio of -3.38 and a beta of 2.37. The stock has a fifty day moving average of $3.28 and a 200-day moving average of $3.33.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The company had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. Equities research analysts forecast that Prime Medicine, Inc. will post -0.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Hedge funds have recently modified their holdings of the stock. Greenwich Wealth Management LLC raised its position in Prime Medicine by 2.4% during the 2nd quarter. Greenwich Wealth Management LLC now owns 768,001 shares of the company’s stock worth $2,834,000 after buying an additional 18,000 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Prime Medicine by 15.5% in the second quarter. Arizona State Retirement System now owns 28,646 shares of the company’s stock valued at $106,000 after acquiring an additional 3,855 shares in the last quarter. Syon Capital LLC acquired a new position in shares of Prime Medicine during the second quarter worth about $41,000. Concurrent Investment Advisors LLC increased its stake in shares of Prime Medicine by 77.6% during the second quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock worth $486,000 after acquiring an additional 57,545 shares during the period. Finally, Wellington Management Group LLP purchased a new position in Prime Medicine during the second quarter worth about $1,123,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.