Prime Medicine (NASDAQ:PRME) Stock Jumps 7.1% – Should You Buy?

Prime Medicine, Inc. (NASDAQ:PRME)’s stock price traded up 7.1% on Tuesday. The stock traded as high as $3.82 and last traded at $3.8650. 666,268 shares were traded during trading, a decline of 79% from the average session volume of 3,129,687 shares. The stock had previously closed at $3.61.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PRME shares. Citigroup reiterated a “market outperform” rating on shares of Prime Medicine in a research report on Friday, September 25th. Chardan Capital restated a “buy” rating and set a $7.00 target price on shares of Prime Medicine in a report on Friday, September 25th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of Prime Medicine in a research note on Monday, August 10th. TD Cowen reiterated a “buy” rating on shares of Prime Medicine in a report on Wednesday, July 8th. Finally, BMO Capital Markets began coverage on shares of Prime Medicine in a research report on Tuesday, August 18th. They set an “outperform” rating and a $9.00 price objective for the company. One 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Stock Up 23.2%

The company has a market capitalization of $972.18 million, a P/E ratio of -5.06 and a beta of 2.37. The business has a fifty day moving average price of $3.47 and a 200 day moving average price of $3.49.

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

Institutional Trading of Prime Medicine

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Prime Medicine during the 3rd quarter worth approximately $28,000. Royal Bank of Canada grew its stake in shares of Prime Medicine by 89.3% in the first 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 in the last quarter. Wealthfront Advisers LLC acquired a new position in Prime Medicine during the first quarter worth $36,000. Kingsview Wealth Management LLC acquired a new position in Prime Medicine during the second quarter worth $37,000. Finally, Sequoia Financial Advisors LLC bought a new stake in Prime Medicine during the first quarter worth $41,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Prime Medicine Company Profile

Prime Medicine, Inc 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 disease-causing genetic mutations without necessarily creating double-strand breaks in DNA.

Prime Medicine is applying its technology to develop treatments for a range of genetic diseases, with a focus on areas such as hematology, immunology and liver disorders.