Prime Medicine (NASDAQ:PRME) Shares Up 11.8% – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price traded up 11.8% on Thursday . The stock traded as high as $3.36 and last traded at $3.3550. 690,843 shares were traded during trading, a decline of 76% from the average daily volume of 2,881,769 shares. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

PRME has been the subject of a number of research analyst reports. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Prime Medicine in a research report on Monday, August 10th. BMO Capital Markets initiated coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective on the stock. Wall Street Zen upgraded shares of Prime Medicine from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. Finally, New Street Research set a $8.00 target price on shares of Prime Medicine in a research note on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Price Performance

The business has a 50 day simple moving average of $3.26 and a 200 day simple moving average of $3.40. The stock has a market cap of $565.91 million, a PE ratio of -2.94 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.24). The company had revenue of $1.15 million during the quarter, compared to the consensus estimate 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 forecast that Prime Medicine, Inc. will post -0.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Prime Medicine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRME. Alphabet Inc. bought a new position in Prime Medicine during the second quarter valued at about $61,116,000. BlackRock Inc. bought a new stake in shares of Prime Medicine during the 2nd quarter worth about $35,432,000. Redmile Group LLC acquired a new position in shares of Prime Medicine during the 1st quarter valued at about $5,536,000. ADAR1 Capital Management LLC acquired a new position in shares of Prime Medicine during the 2nd quarter valued at about $7,371,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Prime Medicine by 262.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 304,522 shares of the company’s stock valued at $1,060,000 after acquiring an additional 220,468 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

About Prime Medicine

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.