Prime Medicine (NASDAQ:PRME) Trading Up 10.7% – Still a Buy?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) shot up 10.7% during trading on Wednesday . The stock traded as high as $3.12 and last traded at $3.1770. Approximately 550,536 shares changed hands during trading, a decline of 79% from the average daily volume of 2,662,269 shares. The stock had previously closed at $2.87.

Analyst Ratings Changes

Several research firms have issued reports on PRME. Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Wall Street Zen downgraded shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Oppenheimer assumed coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They set an “outperform” rating and a $11.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $7.65.

Prime Medicine Price Performance

The company has a fifty day moving average price of $3.30 and a two-hundred day moving average price of $3.60. The company has a market capitalization of $583.40 million, a P/E ratio of -2.63 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The business had revenue of $0.86 million during the quarter. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%. As a group, sell-side analysts forecast that Prime Medicine, Inc. will post -0.98 earnings per share for the current year.

Hedge Funds Weigh In On Prime Medicine

Several large investors have recently modified their holdings of the business. Russell Investments Group Ltd. boosted its holdings in Prime Medicine by 1,316.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after buying an additional 6,345 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Prime Medicine during the fourth quarter worth about $31,000. 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. Jones Financial Companies Lllp bought a new stake in shares of Prime Medicine in the third quarter worth about $49,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Prime Medicine during the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.