Prime Medicine (NASDAQ:PRME) Stock Jumps 8.5% – Still a Buy?

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price traded up 8.5% during mid-day trading on Thursday. The company traded as high as $3.46 and last traded at $3.3950. 2,000,009 shares were traded during mid-day trading, a decline of 35% from the average session volume of 3,092,603 shares. The stock had previously closed at $3.13.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. New Street Research set a $8.00 price objective on Prime Medicine in a research report on Monday, June 29th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Prime Medicine in a research note on Monday, August 10th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prime Medicine in a report on Monday, August 31st. Jefferies Financial Group reaffirmed a “market outperform” rating on shares of Prime Medicine in a report on Monday, September 28th. Finally, BMO Capital Markets initiated coverage on shares of Prime Medicine in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Prime Medicine presently has an average rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Trading Down 3.9%

The stock has a market capitalization of $629.39 million, a price-to-earnings ratio of -3.27 and a beta of 2.37. The stock has a 50-day moving average price of $3.34 and a 200 day moving average price of $3.33.

Prime Medicine (NASDAQ:PRME) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting the consensus estimate of ($0.24). The firm had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. Equities research analysts anticipate that Prime Medicine, Inc. will post -0.97 earnings per share for the current year.

Institutional Trading of Prime Medicine

A number of institutional investors and hedge funds have recently made changes to their positions in PRME. Greenwich Wealth Management LLC raised its position in shares of Prime Medicine by 2.4% during the 2nd quarter. Greenwich Wealth Management LLC now owns 768,001 shares of the company’s stock worth $2,834,000 after purchasing an additional 18,000 shares during the last quarter. Arizona State Retirement System increased its position in shares of Prime Medicine by 15.5% during the second quarter. Arizona State Retirement System now owns 28,646 shares of the company’s stock valued at $106,000 after acquiring an additional 3,855 shares during the last quarter. Syon Capital LLC purchased a new stake in Prime Medicine in the second quarter valued at approximately $41,000. Concurrent Investment Advisors LLC raised its holdings in shares of Prime Medicine by 77.6% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock valued at $486,000 after buying an additional 57,545 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in shares of Prime Medicine during the second quarter worth about $1,123,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About Prime Medicine

Prime Medicine, Inc (NASDAQ:PRME) 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 a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.