Prime Medicine (NASDAQ:PRME) Trading 12.3% Higher – Time to Buy?
by Jessica Moore · The Cerbat GemPrime Medicine, Inc. (NASDAQ:PRME – Get Free Report) shares shot up 12.3% on Wednesday . The stock traded as high as $3.16 and last traded at $3.3360. 395,173 shares changed hands during trading, a decline of 85% from the average session volume of 2,618,115 shares. The stock had previously closed at $2.97.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on PRME. Oppenheimer began coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 target price for the company. Lifesci Capital upgraded shares of Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. Finally, Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. 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 company’s stock. According to MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and an average target price of $7.65.
View Our Latest Stock Analysis on PRME
Prime Medicine Price Performance
The firm has a market cap of $607.79 million, a price-to-earnings ratio of -2.74 and a beta of 2.35. The firm’s 50 day moving average price is $3.42 and its two-hundred day moving average price is $3.67.
Prime Medicine (NASDAQ:PRME – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The firm 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%. On average, analysts anticipate that Prime Medicine, Inc. will post -0.98 earnings per share for the current year.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Alphabet Inc. raised its holdings in Prime Medicine by 10.0% during the third quarter. Alphabet Inc. now owns 16,562,498 shares of the company’s stock worth $91,756,000 after purchasing an additional 1,500,000 shares in the last quarter. ARK Investment Management LLC raised its holdings in Prime Medicine by 135.8% during the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after purchasing an additional 3,155,182 shares in the last quarter. Farallon Capital Management LLC raised its holdings in Prime Medicine by 533.3% during the third quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after purchasing an additional 4,000,000 shares in the last quarter. Casdin Capital LLC raised its holdings in Prime Medicine by 102.1% during the third quarter. Casdin Capital LLC now owns 3,167,175 shares of the company’s stock worth $17,546,000 after purchasing an additional 1,600,000 shares in the last quarter. Finally, HighTower Advisors LLC raised its holdings in Prime Medicine by 1,463.0% during the third quarter. HighTower Advisors LLC now owns 333,755 shares of the company’s stock worth $1,849,000 after purchasing an additional 312,401 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other 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.