Prime Medicine (NASDAQ:PRME) Trading 10.5% Higher – What’s Next?

Prime Medicine, Inc. (NASDAQ:PRME) shares shot up 10.5% during mid-day trading on Thursday . The company traded as high as $4.52 and last traded at $4.43. 1,273,307 shares traded hands during trading, a decline of 62% from the average session volume of 3,318,471 shares. The stock had previously closed at $4.01.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRME shares. Weiss Ratings restated a “sell (d-)” rating on shares of Prime Medicine in a research note on Monday, December 29th. Wall Street Zen cut shares of Prime Medicine from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Lifesci Capital upgraded Prime Medicine to a “strong-buy” rating in a research note on Tuesday, December 23rd. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Prime Medicine currently has an average rating of “Moderate Buy”.

Prime Medicine Stock Down 5.3%

The company has a market cap of $799.66 million, a PE ratio of -3.08 and a beta of 2.71. The business’s 50 day simple moving average is $3.83.

Prime Medicine (NASDAQ:PRME) last released its earnings results on Friday, November 7th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.04). Prime Medicine had a negative return on equity of 163.51% and a negative net margin of 3,301.64%.The company had revenue of $1.23 million during the quarter.

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.