Prime Medicine (NASDAQ:PRME) Issues Quarterly Earnings Results

Prime Medicine (NASDAQ:PRME) posted its quarterly earnings data on Thursday. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate of ($0.24), Zacks reports. Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.The firm had revenue of $1.15 million for the quarter, compared to analysts’ expectations of $4.40 million.

Prime Medicine Price Performance

PRME traded up $0.09 on Friday, hitting $3.04. 1,079,089 shares of the stock were exchanged, compared to its average volume of 2,933,581. The firm has a market capitalization of $548.17 million, a price-to-earnings ratio of -2.46 and a beta of 2.31. Prime Medicine has a 12 month low of $2.67 and a 12 month high of $6.94. The business has a 50-day moving average of $3.28 and a two-hundred day moving average of $3.49.

Hedge Funds Weigh In On Prime Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its position in shares of Prime Medicine by 1,316.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,827 shares of the company’s stock worth $38,000 after acquiring an additional 6,345 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Prime Medicine during the fourth quarter worth $33,000. Creative Planning bought a new stake in Prime Medicine during the second quarter worth $25,000. Victory Capital Management Inc. acquired a new stake in shares of Prime Medicine in the 3rd quarter valued at $56,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of Prime Medicine in the 4th quarter valued at $38,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on PRME. HC Wainwright upgraded shares of Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 price target on the stock in a research note on Monday, June 29th. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. 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. Finally, New Street Research set a $8.00 price target on Prime Medicine in a research note on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.53.

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.