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

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $3.43, but opened at $3.73. Prime Medicine shares last traded at $3.7660, with a volume of 846,136 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRME. Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Oppenheimer started coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They issued an “outperform” rating and a $11.00 target price on the stock. The Goldman Sachs Group set a $6.00 target price on shares of Prime Medicine in a report on Monday, June 22nd. Wall Street Zen cut shares of Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. Finally, New Street Research set a $8.00 price target on shares of Prime Medicine in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Price Performance

The stock has a market capitalization of $654.75 million, a PE ratio of -2.95 and a beta of 2.31. The firm has a fifty day moving average price of $3.25 and a two-hundred day moving average price of $3.58.

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

Institutional Trading of Prime Medicine

A number of large investors have recently made changes to their positions in the stock. ARK Investment Management LLC grew its holdings in shares of Prime Medicine by 135.8% in the third quarter. ARK Investment Management LLC now owns 5,477,851 shares of the company’s stock worth $30,347,000 after purchasing an additional 3,155,182 shares during the last quarter. State Street Corp boosted its position in Prime Medicine by 293.0% in the 4th quarter. State Street Corp now owns 5,095,510 shares of the company’s stock valued at $17,681,000 after buying an additional 3,798,884 shares during the period. Vanguard Group Inc. grew its stake in Prime Medicine by 35.7% in the 3rd quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock worth $27,267,000 after acquiring an additional 1,294,355 shares in the last quarter. Farallon Capital Management LLC grew its stake in Prime Medicine by 533.3% in the 3rd quarter. Farallon Capital Management LLC now owns 4,750,000 shares of the company’s stock worth $26,315,000 after acquiring an additional 4,000,000 shares in the last quarter. Finally, Amova Asset Management Americas Inc. increased its position in shares of Prime Medicine by 128.4% during the third quarter. Amova Asset Management Americas Inc. now owns 3,629,924 shares of the company’s stock worth $20,037,000 after acquiring an additional 2,040,807 shares during the period. 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.