Prime Medicine (NASDAQ:PRME) Stock Price Up 6.3% – Still a Buy?

Prime Medicine, Inc. (NASDAQ:PRME)’s share price traded up 6.3% during mid-day trading on Tuesday . The stock traded as high as $3.46 and last traded at $3.4550. 260,168 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 2,907,722 shares. The stock had previously closed at $3.25.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of Prime Medicine in a research note on Monday, August 10th. New Street Research set a $8.00 price target on shares of Prime Medicine in a research report on Monday, June 29th. Citigroup restated a “market outperform” rating on shares of Prime Medicine in a report on Monday, June 22nd. BMO Capital Markets started coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective on the stock. Finally, Chardan Capital reiterated a “buy” rating and issued a $7.00 price objective on shares of Prime Medicine in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.47.

Prime Medicine Stock Up 9.7%

The stock has a market capitalization of $646.61 million, a price-to-earnings ratio of -3.35 and a beta of 2.31. The company’s 50-day simple moving average is $3.32 and its 200 day simple moving average is $3.42.

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, hitting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%.The company had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. On average, equities analysts expect that Prime Medicine, Inc. will post -0.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently added to or reduced their stakes in PRME. California State Teachers Retirement System grew its holdings in Prime Medicine by 570.2% during the second quarter. California State Teachers Retirement System now owns 579,511 shares of the company’s stock valued at $2,138,000 after purchasing an additional 493,038 shares during the last quarter. Syon Capital LLC acquired a new stake in shares of Prime Medicine in the second quarter worth $41,000. Concurrent Investment Advisors LLC boosted its holdings in shares of Prime Medicine by 77.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company’s stock worth $486,000 after buying an additional 57,545 shares during the period. Wellington Management Group LLP acquired a new position in Prime Medicine in the 2nd quarter valued at $1,123,000. Finally, Kingsview Wealth Management LLC bought a new position in Prime Medicine in the 2nd quarter worth $37,000. 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.