Prime Medicine (NASDAQ:PRME) Reaches New 1-Year High - Here's What Happened

Key Points

• Prime Medicine shares reached a new 52-week high, trading as high as $5.03 after closing at $4.35, an 18.8% gain according to the article.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $7.47; targets from HC Wainwright and BMO Capital Markets were $8 and $9, respectively.
• In its latest quarter, Prime Medicine reported an adjusted loss of $0.24 per share in line with estimates, but revenue of $1.15 million fell short of the $4.40 million consensus forecast.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday. The company traded as high as $5.03 and last traded at $5.0150, with a volume of 4,401,506 shares traded. The stock had previously closed at $4.35.

Analyst Ratings Changes

PRME has been the topic of a number of recent research reports. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 target price on shares of Prime Medicine in a research report on Monday, August 10th. TD Cowen reissued a "buy" rating on shares of Prime Medicine in a report on Wednesday, July 8th. 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. Wall Street Zen cut Prime Medicine from a "hold" rating to a "sell" rating in a report on Saturday, October 3rd. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Prime Medicine in a research report on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $7.47.

Prime Medicine Stock Up 18.8%

The firm has a 50-day simple moving average of $3.43 and a 200-day simple moving average of $3.49. The stock has a market cap of $936.99 million, a PE ratio of -4.88 and a beta of 2.37.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.24). The business had revenue of $1.15 million during the quarter, compared to analysts' expectations of $4.40 million. On average, research analysts expect that Prime Medicine, Inc. will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. grew its position in shares of Prime Medicine by 15.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 33,094 shares of the company's stock valued at $102,000 after acquiring an additional 4,349 shares during the period. Oppenheimer & Co. Inc. raised its position in Prime Medicine by 169.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 79,914 shares of the company's stock valued at $244,000 after purchasing an additional 50,264 shares in the last quarter. Greenwich Wealth Management LLC boosted its position in Prime Medicine by 2.4% in the 2nd quarter. Greenwich Wealth Management LLC now owns 768,001 shares of the company's stock worth $2,834,000 after purchasing an additional 18,000 shares in the last quarter. Arizona State Retirement System grew its position in Prime Medicine by 15.5% during the second quarter. Arizona State Retirement System now owns 28,646 shares of the company's stock valued at $106,000 after buying an additional 3,855 shares during the period. Finally, Syon Capital LLC purchased a new position in Prime Medicine in the second quarter valued at $41,000. Institutional investors own 70.37% of the company's stock.

About Prime Medicine

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.