Prime Medicine (NASDAQ:PRME) Releases Quarterly Earnings Results, Meets Estimates

Prime Medicine (NASDAQ:PRME) posted its earnings results on Thursday. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.24), Zacks reports. The company had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 156.84%.

Prime Medicine Stock Performance

NASDAQ:PRME traded up $0.13 during mid-day trading on Friday, reaching $3.08. 1,974,660 shares of the company’s stock were exchanged, compared to its average volume of 3,106,040. Prime Medicine has a one year low of $2.67 and a one year high of $6.94. The firm has a market capitalization of $556.31 million, a PE ratio of -2.91 and a beta of 2.31. The business’s fifty day simple moving average is $3.28 and its two-hundred day simple moving average is $3.49.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Creative Planning acquired a new stake in shares of Prime Medicine in the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd acquired a new stake in Prime Medicine during the fourth quarter worth approximately $33,000. Lazard Asset Management LLC acquired a new stake in Prime Medicine during the fourth quarter worth approximately $38,000. Russell Investments Group Ltd. increased its stake in 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 during the period. Finally, Martingale Asset Management L P bought a new position in Prime Medicine during the 4th quarter worth $51,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Ratings Changes

PRME has been the topic of a number of research reports. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. 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 upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a report on Saturday. HC Wainwright raised Prime Medicine from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Monday, June 29th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research note on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Prime Medicine has a consensus rating of “Moderate Buy” and a consensus price target of $7.53.

Prime Medicine Company Profile

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.