Prime Medicine (NASDAQ:PRME) Stock Price Up 8.5% – What’s Next?

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

Analyst Ratings Changes

PRME has been the subject of a number of analyst reports. Jefferies Financial Group restated a “market outperform” rating on shares of Prime Medicine in a research report on Monday, September 28th. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a research report on Monday, August 31st. The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a research note on Monday, June 22nd. Finally, Chardan Capital reissued a “buy” rating and set a $7.00 price objective on shares of Prime Medicine in a research note on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prime Medicine has an average rating of “Moderate Buy” and a consensus target price of $7.47.

Prime Medicine Stock Up 12.0%

The company’s 50-day moving average is $3.32 and its 200-day moving average is $3.33. The stock has a market capitalization of $635.74 million, a price-to-earnings ratio of -3.31 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME) last posted its earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $4.40 million. Sell-side analysts anticipate that Prime Medicine, Inc. will post -0.97 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

A number of institutional investors have recently made changes to their positions in the stock. Alphabet Inc. purchased a new stake in shares of Prime Medicine in the 2nd quarter valued at approximately $61,116,000. BlackRock Inc. purchased a new position in Prime Medicine in the 2nd quarter valued at approximately $35,432,000. ADAR1 Capital Management LLC acquired a new position in Prime Medicine during the 2nd quarter worth $7,371,000. MWG Caph Ltd purchased a new stake in shares of Prime Medicine during the fourth quarter worth approximately $6,219,000. Finally, Redmile Group LLC purchased a new stake in shares of Prime Medicine in the 1st quarter valued at approximately $5,536,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.