Prime Medicine (NASDAQ:PRME) Shares Up 9.7% – Should You Buy?

Prime Medicine, Inc. (NASDAQ:PRME) shares were up 9.7% on Thursday . The company traded as high as $4.14 and last traded at $4.2680. Approximately 603,178 shares were traded during trading, a decline of 78% from the average daily volume of 2,771,925 shares. The stock had previously closed at $3.89.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Oppenheimer began coverage on Prime Medicine in a research report on Thursday, March 12th. They issued an “outperform” rating and a $11.00 target price on the stock. New Street Research set a $8.00 price target on Prime Medicine in a research note on Monday. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. Finally, The Goldman Sachs Group set a $6.00 target price on Prime Medicine in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Prime Medicine presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.53.

Prime Medicine Stock Performance

The firm has a market cap of $699.00 million, a price-to-earnings ratio of -3.15 and a beta of 2.26. The company has a fifty day moving average price of $3.25 and a 200-day moving average price of $3.57.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The company 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%. As a group, research analysts forecast that Prime Medicine, Inc. will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors have recently made changes to their positions in the company. Shelton Wealth Management LLC boosted its holdings in Prime Medicine by 15.8% during the fourth quarter. Shelton Wealth Management LLC now owns 20,066 shares of the company’s stock worth $70,000 after buying an additional 2,734 shares in the last quarter. Sterling Investment Advisors Ltd. increased its holdings in Prime Medicine by 34.0% in the fourth quarter. Sterling Investment Advisors Ltd. now owns 13,400 shares of the company’s stock valued at $46,000 after buying an additional 3,400 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of Prime Medicine by 10.5% in the third quarter. Squarepoint Ops LLC now owns 39,601 shares of the company’s stock worth $219,000 after acquiring an additional 3,775 shares during the period. Royal Bank of Canada raised its position in shares of Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock worth $32,000 after acquiring an additional 4,365 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Prime Medicine by 16.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 31,602 shares of the company’s stock worth $110,000 after acquiring an additional 4,470 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.