Prime Medicine (NASDAQ:PRME) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Prime Medicine, Inc. (NASDAQ:PRME) saw unusually-high trading volume on Wednesday. 3,609,477 shares changed hands during trading, an increase of 10% from the average daily volume of 3,296,173 shares. The stock last traded at $3.9110 and had previously closed at $3.90.

Top Prime Medicine Stories

Here are a few of the latest stories about PRME:

• Positive Sentiment: Prime Medicine reported a third-quarter loss of $0.22 per share, slightly better than the $0.23 loss analysts expected and narrower than the $0.32 loss a year earlier. Revenue of $4.2 million also exceeded FactSet’s $1.3 million estimate. Article: Prime Medicine Q3 revenue
• Positive Sentiment: The company closed its public offering, raising approximately $143.7 million gross by selling 41.1 million shares. The added capital can support development of its gene-editing programs. Article: Offering closing
• Negative Sentiment: The offering’s 41.1 million new shares dilute existing shareholders. The $3.50 sale price may also weigh on sentiment by setting a lower reference price for the stock, making the financing an immediate offset to the positive earnings surprise. Article: Prime Medicine Q3 results

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PRME shares. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research report on Friday, September 25th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of Prime Medicine in a research report on Monday, August 10th. BMO Capital Markets started coverage on Prime Medicine in a research note on Tuesday, August 18th. They issued an “outperform” rating and a $9.00 price target for the company. Chardan Capital reiterated a “buy” rating and issued a $7.00 price target on shares of Prime Medicine in a research note on Friday, September 25th. Finally, Jefferies Financial Group reissued a “market outperform” rating on shares of Prime Medicine in a report on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Prime Medicine currently has an average rating of “Moderate Buy” and an average target price of $7.86.

Prime Medicine Stock Performance

The company has a 50-day moving average of $3.69 and a 200-day moving average of $3.51.

Prime Medicine (NASDAQ:PRME) last released its quarterly earnings data on Thursday, November 12th. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.01. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The firm had revenue of $4.21 million during the quarter. Research analysts predict that Prime Medicine, Inc. will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Palumbo Wealth Management LLC lifted its holdings in shares of Prime Medicine by 52.2% in the 3rd quarter. Palumbo Wealth Management LLC now owns 157,962 shares of the company’s stock worth $483,000 after purchasing an additional 54,161 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Prime Medicine by 244.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 175,500 shares of the company’s stock worth $536,000 after buying an additional 124,506 shares during the last quarter. Pekin Hardy Strauss Inc. bought a new position in Prime Medicine during the 3rd quarter worth $350,000. Commonwealth Equity Services LLC increased its position in Prime Medicine by 61.8% in the third quarter. Commonwealth Equity Services LLC now owns 141,236 shares of the company’s stock worth $431,000 after buying an additional 53,926 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Prime Medicine by 20.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,911,596 shares of the company’s stock worth $8,895,000 after buying an additional 498,612 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Company Profile

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.