Prime Medicine (NASDAQ:PRME) Trading Up 11.8% – Here’s What Happened

Shares of Prime Medicine, Inc. (NASDAQ:PRME) shot up 11.8% on Thursday . The stock traded as high as $3.36 and last traded at $3.3550. 690,843 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 2,881,769 shares. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Prime Medicine in a research report on Monday, August 10th. 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. The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a report on Monday, June 22nd. Wall Street Zen upgraded shares of Prime Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Finally, Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Prime Medicine currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Price Performance

The firm’s 50 day simple moving average is $3.30 and its two-hundred day simple moving average is $3.42. The firm has a market capitalization of $584.95 million, a P/E ratio of -3.04 and a beta of 2.34.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS 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 the consensus estimate of $4.40 million. As a group, equities research analysts forecast that Prime Medicine, Inc. will post -0.96 EPS for the current year.

Hedge Funds Weigh In On Prime Medicine

Large investors have recently bought and sold shares of the stock. Alphabet Inc. purchased a new position in shares of Prime Medicine during the second quarter valued at approximately $61,116,000. BlackRock Inc. bought a new stake in Prime Medicine in the second quarter valued at $35,432,000. ADAR1 Capital Management LLC purchased a new position in Prime Medicine during the 2nd quarter valued at $7,371,000. MWG Caph Ltd bought a new position in Prime Medicine in the 4th quarter worth $6,219,000. Finally, Redmile Group LLC purchased a new stake in shares of Prime Medicine in the 1st quarter worth about $5,536,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company’s technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient’s own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.