Prime Medicine (NASDAQ:PRME) Releases Earnings Results, Misses Expectations By $0.04 EPS

Prime Medicine (NASDAQ:PRME) announced its quarterly earnings data on Thursday. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04), FiscalAI reports. Prime Medicine had a negative return on equity of 173.23% and a negative net margin of 4,917.55%.The firm had revenue of $0.86 million during the quarter.

Prime Medicine Trading Up 2.9%

Shares of NASDAQ:PRME traded up $0.09 during midday trading on Friday, reaching $3.21. 2,444,059 shares of the company were exchanged, compared to its average volume of 1,925,058. The stock has a market cap of $579.79 million, a PE ratio of -2.61 and a beta of 2.35. The business’s fifty day moving average is $3.71 and its two-hundred day moving average is $3.85. Prime Medicine has a one year low of $1.11 and a one year high of $6.94.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PRME. Oppenheimer began coverage on Prime Medicine in a research note on Thursday, March 12th. They issued an “outperform” rating and a $11.00 price target for the company. Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research report on Monday, March 2nd. Finally, Wall Street Zen upgraded Prime Medicine from a “strong sell” rating to a “sell” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.38.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its holdings in shares of Prime Medicine by 1,419.4% in the first quarter. AQR Capital Management LLC now owns 243,795 shares of the company’s stock worth $485,000 after purchasing an additional 227,749 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Prime Medicine during the 1st quarter valued at approximately $101,000. Rhumbline Advisers increased its stake in Prime Medicine by 13.8% in the 1st quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock worth $163,000 after acquiring an additional 9,944 shares during the last quarter. Creative Planning bought a new stake in Prime Medicine in the 2nd quarter worth approximately $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Prime Medicine by 253.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock worth $296,000 after acquiring an additional 85,938 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

About Prime Medicine

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.