Prime Medicine (NASDAQ:PRME) Shares Up 3.5% – Still a Buy?

Prime Medicine, Inc. (NASDAQ:PRME) shares traded up 3.5% on Wednesday. The stock traded as high as $3.56 and last traded at $3.6240. Approximately 728,938 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 2,985,511 shares. The stock had previously closed at $3.50.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PRME shares. New Street Research set a $8.00 price target on Prime Medicine in a research report on Monday, June 29th. TD Cowen reissued a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Weiss Ratings restated 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 research note on Monday, September 28th. Finally, BMO Capital Markets assumed coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.47.

Prime Medicine Trading Up 8.7%

The firm has a market cap of $690.32 million, a price-to-earnings ratio of -3.60 and a beta of 2.37. The stock’s 50 day moving average is $3.25 and its 200 day moving average is $3.33.

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

Institutional Investors Weigh In On Prime Medicine

Institutional investors and hedge funds have recently made changes to their positions in the stock. Alphabet Inc. bought a new stake in Prime Medicine during the second quarter valued at $61,116,000. BlackRock Inc. purchased a new stake in shares of Prime Medicine in the 2nd quarter valued at about $35,432,000. ADAR1 Capital Management LLC bought a new stake in shares of Prime Medicine during the 2nd quarter valued at about $7,371,000. MWG Caph Ltd bought a new stake in shares of Prime Medicine during the 4th quarter valued at about $6,219,000. Finally, Redmile Group LLC purchased a new position in shares of Prime Medicine during the first quarter worth about $5,536,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Prime Medicine Company Profile

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.