Prime Medicine (NASDAQ:PRME) Shares Up 6.3% – Here’s What Happened

Shares of Prime Medicine, Inc. (NASDAQ:PRME) rose 6.3% on Tuesday . The stock traded as high as $3.46 and last traded at $3.4550. Approximately 260,168 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 2,907,722 shares. The stock had previously closed at $3.25.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRME. Chardan Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Prime Medicine in a research report on Tuesday. 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 target on the stock. Wall Street Zen raised shares of Prime Medicine from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. New Street Research set a $8.00 price objective on shares of Prime Medicine in a report on Monday, June 29th. Finally, The Goldman Sachs Group set a $6.00 price objective on shares of Prime Medicine in a research note on Monday, June 22nd. One 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 has an average rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Stock Performance

The stock has a 50 day moving average of $3.32 and a two-hundred day moving average of $3.42. The stock has a market cap of $646.61 million, a PE ratio of -3.35 and a beta of 2.31.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting analysts’ consensus estimates of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The company had revenue of $1.15 million during the quarter, compared to analyst estimates of $4.40 million. Analysts expect that Prime Medicine, Inc. will post -0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Prime Medicine

Several hedge funds have recently made changes to their positions in PRME. AQR Capital Management LLC grew its position in Prime Medicine by 1,419.4% during the 1st 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 in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Prime Medicine in the first quarter valued at $101,000. Rhumbline Advisers lifted its holdings in shares of Prime Medicine by 13.8% in the first quarter. Rhumbline Advisers now owns 81,900 shares of the company’s stock valued at $163,000 after purchasing an additional 9,944 shares in the last quarter. Creative Planning acquired a new stake in shares of Prime Medicine in the second quarter worth $25,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Prime Medicine by 253.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 119,856 shares of the company’s stock worth $296,000 after buying an additional 85,938 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Prime Medicine Company Profile

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.