Prime Medicine (NASDAQ:PRME) Shares Up 9.1% – Here’s What Happened

Prime Medicine, Inc. (NASDAQ:PRME)’s share price shot up 9.1% on Thursday . The stock traded as high as $3.38 and last traded at $3.4250. 365,007 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,652,953 shares. The stock had previously closed at $3.14.

Analysts Set New Price Targets

Several research firms have recently weighed in on PRME. Oppenheimer began coverage on shares of Prime Medicine in a research note on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price target for the company. 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, Lifesci Capital raised shares of Prime Medicine to a “strong-buy” rating in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.65.

Prime Medicine Stock Performance

The stock has a market cap of $634.88 million, a PE ratio of -2.84 and a beta of 2.31. The stock’s 50-day moving average is $3.39 and its two-hundred day moving average is $3.65.

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

Hedge Funds Weigh In On Prime Medicine

A number of hedge funds have recently made changes to their positions in PRME. AQR Capital Management LLC boosted its position in shares of Prime Medicine by 1,419.4% during the 1st quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after purchasing an additional 227,749 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in Prime Medicine in the 1st quarter valued at approximately $101,000. Rhumbline Advisers boosted its position in Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after buying an additional 9,944 shares during the period. Creative Planning purchased a new position in Prime Medicine in the 2nd quarter valued at approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Prime Medicine by 253.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock valued at $296,000 after buying an additional 85,938 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.