Prime Medicine (NASDAQ:PRME) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Prime Medicine (NASDAQ:PRME) issued its quarterly earnings data on Thursday. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.01, FiscalAI reports. The firm had revenue of $4.21 million for the quarter. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%.

Prime Medicine Price Performance

Shares of PRME stock traded down $0.41 during trading on Thursday, reaching $3.89. The company’s stock had a trading volume of 7,170,527 shares, compared to its average volume of 3,366,135. The company has a market capitalization of $705.56 million, a price-to-earnings ratio of -3.67 and a beta of 2.14. The stock’s 50-day moving average price is $3.68 and its 200 day moving average price is $3.51. Prime Medicine has a 1-year low of $2.67 and a 1-year high of $5.91.

Trending Headlines about Prime Medicine

Investors following PRME have been watching these headlines:

• Positive Sentiment: Prime Medicine raised approximately $143.7 million in gross proceeds by selling 41.1 million shares, including the underwriters’ fully exercised option. The capital can support development of its gene-editing programs. Offering closing announcement
• Positive Sentiment: For Q3, the company reported a loss of $0.22 per share, slightly better than the $0.23 consensus estimate and improved from a $0.32 loss a year earlier. Q3 results report
• Negative Sentiment: The offering was priced at $3.50 per share, below the recent trading level, and added 41.1 million shares to the public float. The resulting dilution may weigh on existing shareholders and help explain weakness in PRME. Offering closing announcement

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Prime Medicine in a report on Monday, August 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Prime Medicine in a research note on Monday, August 31st. Wall Street Zen upgraded Prime Medicine from a “sell” rating to a “hold” rating in a research report on Saturday, October 31st. Chardan Capital reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Prime Medicine in a research note on Friday, September 25th. Finally, BMO Capital Markets started coverage on Prime Medicine in a research note on Tuesday, August 18th. They set an “outperform” rating and a $9.00 target price on the stock. One 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 stock. Based on data from MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $7.86.

Institutional Investors Weigh In On Prime Medicine

A number of hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its position in Prime Medicine by 89.3% in the 1st quarter. Royal Bank of Canada now owns 9,254 shares of the company’s stock valued at $32,000 after buying an additional 4,365 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Prime Medicine during the third quarter worth $28,000. Kingsview Wealth Management LLC purchased a new stake in shares of Prime Medicine during the second quarter worth $37,000. Wealthfront Advisers LLC purchased a new stake in shares of Prime Medicine during the first quarter worth $36,000. Finally, Syon Capital LLC acquired a new stake in shares of Prime Medicine in the second quarter valued at $41,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Prime Medicine

Prime Medicine is a biotechnology company developing genetic therapies for diseases caused by genetic mutations. Its research focuses on prime editing, a gene-editing technology designed to make targeted changes to DNA, including substitutions, insertions and deletions. The company is working to apply its platform to potential treatments for a range of serious conditions. Its programs are in development, and Prime Medicine does not currently market approved therapies. Founded in 2019, Prime Medicine is based in Cambridge, Massachusetts.