Prime Medicine (NASDAQ:PRME) Stock Price Down 4.7% - What's Next?

Key Points

• Prime Medicine shares fell 4.7% to about $3.54 in mid-day trading, with volume down 93% versus the average session. The stock’s market capitalization is approximately $632 million.
• Analyst sentiment remains broadly positive, with an average rating of “Moderate Buy” and a consensus price target of $7.47. Recent coverage included buy ratings from Chardan Capital, TD Cowen and Citigroup, though Wall Street Zen downgraded the stock to “sell.”
• The company matched quarterly EPS expectations at a loss of $0.24 per share but reported revenue of only $1.15 million versus the $4.40 million consensus estimate. Prime Medicine remains deeply unprofitable, and analysts expect a full-year loss of $0.95 per share.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) traded down 4.7% during mid-day trading on Wednesday . The company traded as low as $3.53 and last traded at $3.5350. Approximately 207,566 shares changed hands during trading, a decline of 93% from the average session volume of 2,910,102 shares. The stock had previously closed at $3.71.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wall Street Zen raised Prime Medicine from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. TD Cowen reaffirmed a "buy" rating on shares of Prime Medicine in a research note on Wednesday, July 8th. Citigroup reiterated a "market outperform" rating on shares of Prime Medicine in a report on Monday, June 22nd. Chardan Capital initiated coverage on Prime Medicine in a research report on Tuesday. They set a "buy" rating and a $7.00 price objective on the stock. Finally, The Goldman Sachs Group set a $6.00 price objective on Prime Medicine in a report on Monday, June 22nd. One investment 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $7.47.

Prime Medicine Trading Down 6.1%

The company has a market cap of $632.11 million, a P/E ratio of -3.28 and a beta of 2.31. The company's fifty day moving average is $3.34 and its 200 day moving average is $3.42.

Prime Medicine (NASDAQ:PRME - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) earnings per share for the quarter, hitting the consensus estimate of ($0.24). Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $4.40 million. Analysts anticipate that Prime Medicine, Inc. will post -0.95 EPS for the current year.

Institutional Investors Weigh In On Prime Medicine

Several institutional investors have recently bought and sold shares of the stock. Creative Planning bought a new position in Prime Medicine during the 2nd quarter worth approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Prime Medicine during the fourth quarter valued at approximately $31,000. Royal Bank of Canada boosted its stake in shares of Prime Medicine by 89.3% during the first quarter. Royal Bank of Canada now owns 9,254 shares of the company's stock valued at $32,000 after purchasing an additional 4,365 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Prime Medicine in the fourth quarter worth approximately $33,000. Finally, Glen Eagle Advisors LLC purchased a new position in shares of Prime Medicine in the fourth quarter worth $35,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.

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