Prime Medicine (NASDAQ:PRME) Sets New 52-Week High – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME)’s share price hit a new 52-week high on Wednesday. The stock traded as high as $5.03 and last traded at $5.0150, with a volume of 4,401,506 shares changing hands. The stock had previously closed at $4.35.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PRME shares. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. Wall Street Zen downgraded shares of Prime Medicine from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Jefferies Financial Group reissued a “market outperform” rating on shares of Prime Medicine in a research report on Monday, September 28th. TD Cowen reaffirmed a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Trading Down 2.2%

The company has a 50-day moving average price of $3.51 and a 200-day moving average price of $3.50.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. The firm had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Equities research analysts predict that Prime Medicine, Inc. will post -0.97 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 in the second quarter valued at about $61,116,000. BlackRock Inc. bought a new position in Prime Medicine in the 2nd quarter valued at $35,432,000. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Prime Medicine by 20.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,911,596 shares of the company’s stock valued at $8,895,000 after buying an additional 498,612 shares during the last quarter. ADAR1 Capital Management LLC bought a new position in shares of Prime Medicine in the second quarter worth $7,371,000. Finally, Redmile Group LLC bought a new position in shares of Prime Medicine in the first quarter worth approximately $5,536,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines based on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company’s platform is intended to address disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.