Prime Medicine (NASDAQ:PRME) Shares Gap Up - What's Next?

Key Points

• Prime Medicine shares gapped higher, opening at $3.42 versus a prior close of $3.07, though they later traded near $2.98 on volume of about 1.39 million shares.
• Analysts remain broadly optimistic, with an overall “Moderate Buy” rating and an average price target of $7.47; however, Weiss Ratings maintained a “sell” rating.
• The company reported a quarterly loss of $0.24 per share and revenue of $1.15 million, below the $4.40 million consensus estimate. Institutional investors own 70.37% of the stock, including new positions from Alphabet and BlackRock.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report)'s share price gapped up before the market opened on Friday. The stock had previously closed at $3.07, but opened at $3.42. Prime Medicine shares last traded at $2.9750, with a volume of 1,392,085 shares changing hands.

Analyst Upgrades and Downgrades

PRME has been the subject of a number of recent analyst reports. The Goldman Sachs Group set a $6.00 price target on shares of Prime Medicine in a research report on Monday, June 22nd. Chardan Capital reaffirmed a "buy" rating and issued a $7.00 price target on shares of Prime Medicine in a report on Friday. Weiss Ratings reiterated a "sell (e+)" rating on shares of Prime Medicine in a research note on Monday, August 31st. HC Wainwright reissued a "buy" rating and set a $8.00 price objective on shares of Prime Medicine in a report on Monday, August 10th. Finally, TD Cowen reissued a "buy" rating on shares of Prime Medicine in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Prime Medicine has an average rating of "Moderate Buy" and an average price target of $7.47.

Prime Medicine Stock Performance

The company has a market cap of $539.61 million, a P/E ratio of -2.83 and a beta of 2.34. The business has a fifty day simple moving average of $3.25 and a 200 day simple moving average of $3.37.

Prime Medicine (NASDAQ:PRME - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.24). The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. Prime Medicine had a negative return on equity of 188.27% and a negative net margin of 4,613.11%. Equities research analysts expect that Prime Medicine, Inc. will post -0.96 EPS for the current year.

Institutional Trading of Prime Medicine

Institutional investors have recently added to or reduced their stakes in the business. Alphabet Inc. acquired a new stake in shares of Prime Medicine during the second quarter worth $61,116,000. BlackRock Inc. acquired a new position in shares of Prime Medicine in the 2nd quarter valued at about $35,432,000. ADAR1 Capital Management LLC bought a new stake in shares of Prime Medicine during the 2nd quarter valued at about $7,371,000. MWG Caph Ltd bought a new stake in shares of Prime Medicine during the 4th quarter valued at about $6,219,000. Finally, Redmile Group LLC acquired a new stake in Prime Medicine during the first quarter worth about $5,536,000. Institutional investors own 70.37% of the company's stock.

Prime Medicine Company Profile

Prime Medicine, Inc is a biotechnology company developing genetic medicines using its proprietary Prime Editing platform. The company's technology is designed to make precise changes to DNA, including the insertion, deletion, or replacement of genetic sequences, with the goal of addressing disease-causing mutations.

Prime Medicine is focused on developing treatments for genetic diseases and other serious conditions. Its research programs use Prime Editing in approaches that may modify a patient's own cells, including ex vivo cell-editing applications in which cells are edited outside the body and then returned to the patient.

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