Prime Medicine (NASDAQ:PRME) Trading 10.7% Higher – Should You Buy?

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

Wall Street Analysts Forecast Growth

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

Prime Medicine Trading Up 12.7%

The company has a fifty day simple moving average of $3.30 and a two-hundred day simple moving average of $3.61. The company has a market cap of $584.31 million, a PE ratio of -2.63 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Prime Medicine had a negative return on equity of 188.82% and a negative net margin of 4,917.55%.The company had revenue of $0.86 million for the quarter. On average, research analysts anticipate that Prime Medicine, Inc. will post -0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Chelsea Counsel Co. boosted its position in shares of Prime Medicine by 103.7% during the 1st quarter. Chelsea Counsel Co. now owns 462,340 shares of the company’s stock worth $1,609,000 after acquiring an additional 235,340 shares in the last quarter. ADAR1 Capital Management LLC acquired a new position in shares of Prime Medicine during the 1st quarter worth about $6,867,000. Royal Bank of Canada boosted its position in shares of Prime Medicine by 89.3% during the 1st 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 in the last quarter. Redmile Group LLC acquired a new position in shares of Prime Medicine during the 1st quarter worth about $5,536,000. Finally, Sei Investments Co. acquired a new position in shares of Prime Medicine during the 1st quarter worth about $102,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.