Prime Medicine (NASDAQ:PRME) Stock Jumps 7.1% – Still a Buy?

Prime Medicine, Inc. (NASDAQ:PRME) was up 7.1% during mid-day trading on Tuesday. The stock traded as high as $3.82 and last traded at $3.8650. Approximately 666,268 shares traded hands during trading, a decline of 79% from the average session volume of 3,129,687 shares. The stock had previously closed at $3.61.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. New Street Research set a $8.00 price objective on shares of Prime Medicine in a research report on Monday, June 29th. Wall Street Zen lowered shares of Prime Medicine from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Jefferies Financial Group reiterated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, September 28th. HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. Finally, TD Cowen reissued a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Stock Up 12.4%

The company has a market cap of $736.22 million, a P/E ratio of -3.83 and a beta of 2.37. The business has a 50-day moving average price of $3.39 and a two-hundred day moving average price of $3.48.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, hitting analysts’ consensus estimates of ($0.24). The firm had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. As a group, sell-side analysts expect that Prime Medicine, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors and hedge funds have recently modified their holdings of PRME. Royal Bank of Canada boosted its stake in Prime Medicine by 89.3% in the first quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after acquiring an additional 4,365 shares during the last quarter. Wealthfront Advisers LLC bought a new position in shares of Prime Medicine in the 1st quarter worth $36,000. Kingsview Wealth Management LLC acquired a new stake in shares of Prime Medicine during the second quarter worth $37,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Prime Medicine during the first quarter worth $41,000. Finally, Syon Capital LLC bought a new stake in Prime Medicine in the second quarter valued at about $41,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Company Profile

Prime Medicine, Inc 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 disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.