Prime Medicine (NASDAQ:PRME) Stock Price Up 7.1% - Here's What Happened

Key Points

• Prime Medicine shares rose 7.1% to $3.8650, although trading volume was 79% below the stock’s average daily volume.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $7.47, despite one Sell rating.
• The company met quarterly EPS expectations at a loss of $0.24 per share but reported revenue of $1.15 million, well below the $4.40 million analyst estimate; institutional investors own 70.37% of the stock.

Prime Medicine, Inc. (NASDAQ:PRME - Get Free Report) traded up 7.1% on Tuesday. The company traded as high as $3.82 and last traded at $3.8650. 666,268 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 3,129,687 shares. The stock had previously closed at $3.61.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Prime Medicine in a research note on Monday, August 31st. HC Wainwright reiterated a "buy" rating and issued a $8.00 price objective on shares of Prime Medicine in a research note on Monday, August 10th. New Street Research set a $8.00 target price on Prime Medicine in a report on Monday, June 29th. BMO Capital Markets started coverage on Prime Medicine in a research report on Tuesday, August 18th. They set an "outperform" rating and a $9.00 target price for the company. Finally, TD Cowen reaffirmed a "buy" rating on shares of Prime Medicine in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Prime Medicine has a consensus rating of "Moderate Buy" and a consensus price target of $7.47.

Prime Medicine Stock Performance

The firm has a market cap of $736.22 million, a price-to-earnings ratio of -3.83 and a beta of 2.37. The business's 50-day moving average is $3.39 and its 200-day moving average is $3.48.

Prime Medicine (NASDAQ:PRME - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.24) EPS for the quarter, meeting analysts' consensus estimates of ($0.24). The firm had revenue of $1.15 million for the quarter, compared to analyst estimates of $4.40 million. Prime Medicine had a negative net margin of 4,613.11% and a negative return on equity of 188.27%. Equities research analysts expect that Prime Medicine, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. increased its holdings 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 stake in Prime Medicine by 2.4% in the second 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 boosted its stake in Prime Medicine by 15.5% in the second quarter. Arizona State Retirement System now owns 28,646 shares of the company's stock worth $106,000 after purchasing an additional 3,855 shares in the last quarter. Syon Capital LLC bought a new stake in shares of Prime Medicine during the second quarter worth $41,000. Finally, Concurrent Investment Advisors LLC grew its holdings in shares of Prime Medicine by 77.6% during the second quarter. Concurrent Investment Advisors LLC now owns 131,722 shares of the company's stock worth $486,000 after purchasing an additional 57,545 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Prime Medicine Company Profile

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.

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