Prime Medicine (NASDAQ:PRME) Posts Quarterly Earnings Results, Meets Expectations

Prime Medicine (NASDAQ:PRME) issued its quarterly earnings data on Thursday. The company reported ($0.24) EPS for the quarter, hitting analysts’ consensus estimates of ($0.24), Zacks reports. Prime Medicine had a negative net margin of 4,917.55% and a negative return on equity of 188.82%.

Prime Medicine Price Performance

NASDAQ:PRME traded down $0.13 during trading hours on Thursday, reaching $2.95. 2,549,269 shares of the company were exchanged, compared to its average volume of 3,221,736. Prime Medicine has a 1-year low of $2.67 and a 1-year high of $6.94. The business has a 50 day moving average of $3.28 and a 200 day moving average of $3.49. The company has a market capitalization of $532.82 million, a P/E ratio of -2.40 and a beta of 2.31.

Institutional Investors Weigh In On Prime Medicine

A number of large investors have recently modified their holdings of PRME. Mariner LLC increased its holdings in Prime Medicine by 99.2% in the 4th quarter. Mariner LLC now owns 36,290 shares of the company’s stock worth $126,000 after purchasing an additional 18,071 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Prime Medicine by 16.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 31,602 shares of the company’s stock valued at $110,000 after buying an additional 4,470 shares during the period. Intech Investment Management LLC boosted its stake in shares of Prime Medicine by 50.8% in the 4th quarter. Intech Investment Management LLC now owns 35,036 shares of the company’s stock valued at $122,000 after purchasing an additional 11,808 shares during the last quarter. Polymer Capital Management US LLC bought a new stake in shares of Prime Medicine in the 3rd quarter valued at $115,000. Finally, Nomura Holdings Inc. acquired a new stake in shares of Prime Medicine during the third quarter worth $138,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

PRME has been the topic of several recent research reports. New Street Research set a $8.00 price target on Prime Medicine in a research note on Monday, June 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prime Medicine in a report on Wednesday, June 3rd. Wall Street Zen downgraded Prime Medicine from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 13th. The Goldman Sachs Group set a $6.00 price target on Prime Medicine in a research report on Monday, June 22nd. Finally, TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $7.53.

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.