Prime Medicine (NASDAQ:PRME) Stock Jumps 3.5% – Here’s Why

Prime Medicine, Inc. (NASDAQ:PRME) was up 3.5% during trading on Wednesday. The company traded as high as $3.56 and last traded at $3.6240. 728,938 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 2,985,511 shares. The stock had previously closed at $3.50.

Analysts Set New Price Targets

PRME has been the subject 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. The Goldman Sachs Group set a $6.00 target price on shares of Prime Medicine in a research note on Monday, June 22nd. Citigroup reissued a “market outperform” rating on shares of Prime Medicine in a research report on Friday, September 25th. TD Cowen restated a “buy” rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group reaffirmed a “market outperform” rating on shares of Prime Medicine in a research note on Monday, September 28th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $7.47.

Prime Medicine Trading Up 8.7%

The stock has a market capitalization of $690.32 million, a P/E ratio of -3.60 and a beta of 2.37. The business’s fifty day simple moving average is $3.25 and its two-hundred day simple moving average is $3.33.

Prime Medicine (NASDAQ:PRME) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting the consensus estimate of ($0.24). The firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. On average, equities research analysts anticipate that Prime Medicine, Inc. will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRME. Royal Bank of Canada boosted its stake in 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 acquiring an additional 4,365 shares during the last quarter. Glen Eagle Advisors LLC acquired a new position in shares of Prime Medicine in the 4th quarter valued at $35,000. Wealthfront Advisers LLC acquired a new position in shares of Prime Medicine in the 1st quarter valued at $36,000. Kingsview Wealth Management LLC bought a new position in shares of Prime Medicine in the 2nd quarter worth $37,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Prime Medicine during the first quarter worth $41,000. 70.37% of the stock is owned by institutional investors.

Prime Medicine Company Profile

Prime Medicine, Inc (NASDAQ:PRME) 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 a broad range of genetic diseases while potentially reducing some of the limitations associated with earlier gene-editing approaches.

Prime Medicine is advancing an investigational pipeline of therapies for diseases caused by genetic mutations.