Prime Medicine (NASDAQ:PRME) Shares Gap Up – Time to Buy?

Prime Medicine, Inc. (NASDAQ:PRME) gapped up prior to trading on Wednesday . The stock had previously closed at $3.05, but opened at $3.29. Prime Medicine shares last traded at $3.4050, with a volume of 1,176,282 shares traded.

Analysts Set New Price Targets

PRME has been the subject of several recent analyst reports. BMO Capital Markets began coverage on shares of Prime Medicine in a report on Tuesday. They issued an “outperform” rating and a $9.00 target price for the company. Wall Street Zen raised Prime Medicine from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Wednesday, June 3rd. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Finally, Citigroup restated a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $7.69.

Prime Medicine Price Performance

The business has a 50-day moving average of $3.27 and a 200 day moving average of $3.43. The company has a market capitalization of $613.96 million, a PE ratio of -3.19 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.24). The business had revenue of $1.15 million for the quarter, compared to analysts’ expectations 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, research analysts anticipate that Prime Medicine, Inc. will post -0.97 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Institutional investors and hedge funds have recently made changes to their positions in the business. Alphabet Inc. bought a new position in shares of Prime Medicine during the 2nd quarter valued at approximately $61,116,000. BlackRock Inc. bought a new stake in shares of Prime Medicine in the 2nd quarter worth about $35,432,000. State Street Corp boosted its stake in shares of Prime Medicine by 293.0% during the 4th quarter. State Street Corp now owns 5,095,510 shares of the company’s stock worth $17,681,000 after purchasing an additional 3,798,884 shares during the period. Vanguard Group Inc. grew its holdings in Prime Medicine by 35.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,921,865 shares of the company’s stock valued at $27,267,000 after purchasing an additional 1,294,355 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its position in Prime Medicine by 6,426.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,124,362 shares of the company’s stock worth $10,842,000 after purchasing an additional 3,076,489 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.